<SEC-DOCUMENT>0001672764-17-000015.txt : 20170317
<SEC-HEADER>0001672764-17-000015.hdr.sgml : 20170317
<ACCEPTANCE-DATETIME>20170317084326
ACCESSION NUMBER:		0001672764-17-000015
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170316
FILED AS OF DATE:		20170317
DATE AS OF CHANGE:		20170317

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35052
		FILM NUMBER:		17696414

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

	MAIL ADDRESS:	
		STREET 1:		13-15 Avenue de la Liberte
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1931
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>t1700674_x3-6k.htm
<DESCRIPTION>FORM 6-K
<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 -->

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SECURITIES AND
EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Washington,
D.C. 20549</B></P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FORM 6-K</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Report of Foreign
Private Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Pursuant to
Rule 13a-16 or 15d-16 under</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>the Securities
Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>For the month
of March, 2017</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Commission File
Number 001-35052</B></P>

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

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>13-15 Avenue
de la Libert&eacute;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>L-1931 Luxembourg</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>R.C.S. Luxembourg
B 153 681</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Indicate by check
mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
20-F&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>



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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Indicate by check
mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">If &ldquo;Yes&rdquo;
is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&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: 0pt 0; text-align: center; background-color: white">AUDITED CONSOLIDATED
FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 AND 2015 AND</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">FOR THE YEARS ENDED
DECEMBER 31, 2016, 2015 AND 2014</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">This Report of
Foreign Private Issuer on Form 6-K (this &ldquo;Form 6-K&rdquo;) is being filed by Adecoagro S.A. (&ldquo;Adecoagro&rdquo; or the
&ldquo;Company&rdquo;) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and is incorporated by reference into
the Company&rsquo;s Registration Statement on Form F-3 filed with the SEC on December 6, 2013 (File No. 333-191325) and will be
deemed to be a part thereof from the date on which this Form 6-K is filed with the SEC, to the extent not superseded by documents
or reports subsequently filed or furnished.&nbsp;The Company is filing this report on Form 6-K for the purpose of filing a copy
of (i) the Company&rsquo;s audited consolidated financial statements as of December 31, 2016 and 2015 and for the years ended December
31, 2016, 2015 and 2014 (the &ldquo;Consolidated Financial Statements&rdquo;) as Exhibit 99.1, and (ii) the consent of Price Waterhouse
Coopers as Exhibit 99.2. The Consolidated Financial Statements are presented in U.S. Dollars and prepared in accordance with International
Financial Reporting Standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The attachment
contains forward-looking statements. The registrant desires to qualify for the &ldquo;safe-harbor&rdquo; provisions of the Private
Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors
that could cause the registrant&rsquo;s actual results to differ materially from those set forth in the attachment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The registrant&rsquo;s
forward-looking statements are based on the registrant&rsquo;s current expectations, assumptions, estimates and projections about
the registrant and its industry. These forward-looking statements can be identified by words or phrases such as &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;is/are
likely to,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; or other similar expressions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The forward-looking
statements included in the attached relate to, among others: (i) the registrant&rsquo;s business prospects and future results of
operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental
policies governing the registrant&rsquo;s business, including limitations on ownership of farmland by foreign entities in certain
jurisdictions in which the registrant operate, environmental laws and regulations; (iv) the implementation of the registrant&rsquo;s
business strategy, including its development of the Ivinhema mill and other current projects; (v) the registrant&rsquo;s plans
relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of the registrant&rsquo;s
financing strategy and capital expenditure plan; (vii) the maintenance of the registrant&rsquo;s relationships with customers;
(viii) the competitive nature of the industries in which the registrant operates; (ix) the cost and availability of financing;
(x) future demand for the commodities the registrant produces; (xi) international prices for commodities; (xii) the condition of
the registrant&rsquo;s land holdings; (xiii) the development of the logistics and infrastructure for transportation of the registrant&rsquo;s
products in the countries where it operates; (xiv) the performance of the South American and world economies; and (xv) the relative
value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included
in the registrant&rsquo;s other filings and submissions with the United States Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">These forward-looking
statements involve various risks and uncertainties. Although the registrant believes that its expectations expressed in these forward-looking
statements are reasonable, its expectations may turn out to be incorrect. The registrant&rsquo;s actual results could be materially
different from its expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements
discussed in the attached might not occur, and the registrant&rsquo;s future results and its performance may differ materially
from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because
of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The forward-looking
statements made in the attached relate only to events or information as of the date on which the statements are made in the attached.
The registrant undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the
date on which the statements are made or to reflect the occurrence of unanticipated events.&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adecoagro
    S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 54%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt solid; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Carlos A. Boero Hughes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlos
    A. Boero Hughes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer and Chief Accounting Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Date: March 16, 2017</P>

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


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>t1700674_x3-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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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 99.1</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; color: gray"><B>Adecoagro S.A.</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 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: 0; color: gray"><B>&nbsp;</B></P>


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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>Report of Independent Registered Public Accounting Firm</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Shareholders of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Adecoagro S.A.</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 14.2pt; text-align: justify">We have audited the accompanying
consolidated statements of financial position of Adecoagro&nbsp;S.A. and its subsidiaries as of December 31, 2016, and 2015, and
the related consolidated statements of income and comprehensive income, of changes in shareholders&rsquo; equity and of cash flows
for each of the three years in the period ended December 31, 2016. These financial statements are the responsibility of the Company&rsquo;s
management. Our responsibility is to express an opinion on these financial statements based on our audits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">In our opinion, the consolidated
financial statements referred to above present fairly, in all material respects, the financial position of Adecoagro&nbsp;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.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: 0pt">Buenos Aires, Argentina.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: 0pt">March 14, 2017</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-indent: 0pt">PRICE WATERHOUSE &amp; CO. S.R.L.</P>

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Legal information</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Denomination:</B> Adecoagro S.A.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Company activity: </B>Agricultural and agro-industrial</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Date of registration: </B>June 11, 2010</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Expiration of company charter: </B>No term defined</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Number of register (RCS Luxembourg): </B>B153.681</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 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: 0"><B>&nbsp;</B></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">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <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: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt 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"><B>Consolidated Statements of Income</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 51%; text-align: left; font-size: 10pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; text-align: center; font-size: 10pt; padding-right: 0">Note</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; padding-right: 0"><B>2016</B></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; text-align: center; font-size: 10pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; padding-right: 0"><B>2015 (*) </B></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; text-align: center; font-size: 10pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; padding-right: 0"><B>2014 (*)</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt">Sales of goods and services rendered</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">869,235</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">674,314</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">722,966</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt">Cost of goods sold and services rendered</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(678,581)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(557,786)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(605,325)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Initial recognition and changes in fair value of biological assets and agricultural produce</TD>
    <TD STYLE="text-align: center; font-size: 10pt">15</TD>
    <TD STYLE="text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">125,456</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">54,528</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt; padding-right: 6pt">100,216</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Changes in net realizable value of agricultural produce after harvest</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(5,841)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt; padding-right: 6pt">14,691</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt; padding-right: 6pt">3,401</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><B>Margin on Manufacturing and Agricultural Activities Before Operating Expenses</B></TD>
    <TD STYLE="text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 10pt; padding-right: 6pt"><B>310,269</B></TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>185,747</B></FONT></TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>221,258</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">General and administrative expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(50,750)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(48,425)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(52,695)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Selling expenses</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(80,673)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(70,268)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(78,864)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Other operating income, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(8,297)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">31,066</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">11,977</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Share of loss of joint venture</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,685)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(924)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><B>Profit from Operations</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>170,549</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>95,435</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>100,752</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt">Finance income</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,957</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">9,150</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,291</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 10pt">Finance costs</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(165,380)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(116,890)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(86,472)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Financial results, net</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(157,423)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(107,740)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(79,181)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><B>Profit / (Loss) Before Income Tax</B></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>13,126</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(12,305)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>21,571</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Income tax (expense) / benefit</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(9,387)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,954</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(10,535)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt; padding-bottom: 2.5pt"><B>Profit / (Loss) for the Year</B></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: center; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>3,739</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(4,351)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>11,036</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><B>Attributable to:</B></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Equity holders of the parent</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: center; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">2,039</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">(5,593)</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">11,116</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Non-controlling interest</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">1,700</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">1,242</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">(80)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><B>Earnings / (Loss) per share from operations attributable to the equity holders of the parent during the year:</B></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 10pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 10pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Basic earnings per share</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt">11</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right; padding-right: 6pt">0.017</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right; padding-right: 6pt">(0.046)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: right; padding-right: 6pt">0.092</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font-size: 10pt">Diluted earnings per share</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt">11</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">0.017</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">(0.046)</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right; padding-right: 6pt">0.091</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 0 0 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: 0 0 0 0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 4 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 16pt 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"><B>Consolidated Statements of Comprehensive
Income</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 48%; text-align: left; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: left; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0"><FONT STYLE="font-size: 9pt"><B>2015 (*)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0"><FONT STYLE="font-size: 9pt"><B>2014 (*)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Profit / (Loss) for the year</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">3,739</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(4,351)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">11,036</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt"><B>Other comprehensive income:</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-size: 9pt">-&nbsp;&nbsp;Items that may be reclassified subsequently to profit or loss:</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; padding-left: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">Exchange differences on translating foreign operations</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">39,496</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(178,146)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(101,959)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; padding-left: 9pt; text-align: left"><FONT STYLE="font-size: 9pt">Cash flow hedge, net of tax </FONT><FONT STYLE="font-size: 8pt">(Note 2)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">100,615</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(94,851)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(27,287)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt"><B>Other comprehensive income / (loss) for the year</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">140,111</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(272,997)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0in; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(129,246)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: top; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Total comprehensive income / (loss) for the year</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>143,850</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(277,348)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0in; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(118,210)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Equity holders of the parent</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">143,603</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(275,077)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(117,744)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">247</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(2,271)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0in; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(466)</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>(*)</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: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 16pt 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"><B>Consolidated Statements of Financial Position
</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt; width: 57%; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 5%; padding-right: 0; font-size: 9pt"><FONT STYLE="font-size: 9pt">Note</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; width: 10%; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 3%; padding-right: 0; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 0; width: 12%; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>2015 (*)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 3%; padding-right: 0; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; padding-right: 0; width: 10%; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>2014 (*)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: justify; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: center; padding-right: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Non-Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Property, plant and equipment, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">12</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">802,608</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">696,889</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">991,581</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Investment property</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">13</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt">2,666</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 9pt; text-align: right; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt">4,796</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt">6,675</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Intangible assets, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">14</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt">17,252</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 9pt; text-align: right; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt">16,661</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt">23,778</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Biological assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">15</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">8,516</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">6,476</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">8,881</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">16</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">2,752</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Deferred income tax assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">38,586</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">68,744</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">42,072</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Trade and other receivables, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">18</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">17,412</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">21,795</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">50,590</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">566</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">651</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">587</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Total Non-Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>887,606</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 9pt; text-align: right; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>816,012</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>1,126,916</B></FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Biological assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">15</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">136,888</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">105,342</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">115,855</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">19</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">111,754</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">85,286</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">117,106</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Trade and other receivables, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">18</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">157,528</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">145,011</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">164,526</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">17</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">3,398</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">4,849</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">7,966</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">24</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">20</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">158,568</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">198,894</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">113,795</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Total Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>568,160</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>539,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>519,248</B></FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>TOTAL ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 9pt; text-align: center; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>1,455,766</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 9pt; text-align: right; padding-bottom: 2.5pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>1,355,394</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: bold 9pt CG Times (WN); padding-bottom: 2.5pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right; padding-right: 3pt"><FONT STYLE="font-size: 9pt"><B>1,646,164</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>SHAREHOLDERS EQUITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Capital and reserves attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Share capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">22</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">183,573</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">183,573</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">183,573</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Share premium</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">22</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">937,250</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">937,674</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">933,044</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Cumulative translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(527,364)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(568,316)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(397,560)</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Equity-settled compensation</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">17,218</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">16,631</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">16,735</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Cash flow hedge</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(37,299)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(137,911)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(43,064)</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Treasury shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(1,859)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(1,936)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">(2,840)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Reserve from the sale of non-controlling interests in subsidiaries</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">41,574</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">41,574</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">25,508</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Retained earnings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">50,998</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">48,795</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">54,242</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Equity attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>664,091</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>520,084</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>769,638</B></FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">7,582</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">7,335</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">7,589</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>TOTAL SHAREHOLDERS EQUITY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>671,673</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>527,419</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>777,227</B></FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Non-Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Trade and other payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">25</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">1,427</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">1,911</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">2,391</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">26</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">430,304</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">483,651</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">491,324</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Deferred income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">10</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">14,689</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">15,636</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">39,635</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Payroll and social liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">27</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">1,235</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">1,236</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">1,278</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Derivatives financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">17</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">662</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">119</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">39</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Provisions for other liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">28</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">3,299</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">1,653</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 9pt; padding-right: 3pt"><FONT STYLE="font-size: 9pt">2,013</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Total Non-Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>451,616</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>504,206</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>536,680</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Trade and other payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">25</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">92,158</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">53,731</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">83,100</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Current income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">1,387</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">962</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">76</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Payroll and social liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">27</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">26,844</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">22,153</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">27,315</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">26</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">205,092</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">239,688</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">207,182</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">17</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">6,406</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">6,575</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">13,860</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt">Provisions for other liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt"><FONT STYLE="font-size: 9pt">28</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">590</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">660</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">724</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>Total Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>332,477</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>323,769</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>332,257</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>TOTAL LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>784,093</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>827,975</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>868,937</B></FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 9pt">
    <TD STYLE="vertical-align: bottom; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>TOTAL SHAREHOLDERS EQUITY AND LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>1,455,766</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>1,355,394</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; font-size: 9pt"><FONT STYLE="font-size: 9pt"><B>1,646,164</B></FONT></TD></TR>
</TABLE>
<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 0 0 0.15in"><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.<B>&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 16pt 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"><B>Consolidated Statements of Changes in Shareholders&rsquo;
Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center"><FONT STYLE="font-size: 7pt"><B>Attributable&nbsp;to&nbsp;equity&nbsp;holders&nbsp;of&nbsp;the&nbsp;parent</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 15%; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Share&nbsp;Capital&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>(Note&nbsp;22)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Share&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>Premium&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>(Note&nbsp;22)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Cumulative</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>Translation</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>Adjustment</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Equity-settled</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>Compensation</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Cash&nbsp;flow</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>hedge</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>(*)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Other</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>reserves</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Treasury</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>shares</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Reserve</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>from&nbsp;the</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>sale&nbsp;of&nbsp;non-</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>controlling</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>interests&nbsp;in</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>subsidiaries</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Retained</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>Earnings</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Subtotal</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Non-</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>controlling</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>Interest</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 7pt"><B>Total</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>Shareholders&rsquo;</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>Equity</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt"><B>Balance at January 1, 2014</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>939,072</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>(311,807)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>17,352</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>(15,782)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>(161)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>(961)</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>43,018</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>854,304</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>45</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt"><B>854,349</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">Profit for the year</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">11,116</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">11,116</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(80)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">11,036</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">Other comprehensive income:</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-size: 7pt">-&nbsp;&nbsp;Items that may be reclassified subsequently to profit or loss:</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 7.1pt"><FONT STYLE="font-size: 7pt">Exchange differences on translating foreign operations</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(101,578)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(101,578)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(381)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">(101,959)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 7.1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 7.1pt"><FONT STYLE="font-size: 7pt">Cash flow hedge</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(27,282)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(27,282)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(5)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">(27,287)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 7pt">Other comprehensive income for the year</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(101,578)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(27,282)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(128,860)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(386)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">(129,246)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 7pt">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(101,578)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(27,282)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">11,116</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(117,744)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">(466)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">(118,210)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">Employee share options (Note 23)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">- Value of employee services</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">308</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">308</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">308</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">- Exercised</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">955</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(326)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">210</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">839</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">839</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">- Forfeited</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(108)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">108</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">Restricted shares (Note 23):</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">- Value of employee services</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,559</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,559</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">3,559</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">- Vested</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">3,444</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(4,050)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">160</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">446</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">- Forfeited</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 7pt">Purchase of own shares (Note 22)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(10,427)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(2,534)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt">(12,961)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">(12,961)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 7pt">Sale of non-controlling interests in subsidiaries (Note 21)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">15,825</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">25,508</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">41,333</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 7pt">8,010</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt">49,343</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt"><B>Balance at December 31, 2014</B></FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>933,044</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>(397,560)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>16,735</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>(43,064)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>(2,840)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>25,508</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>54,242</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>769,638</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 7pt"><B>7,589</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-size: 7pt"><B>777,227</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5"><FONT STYLE="font-size: 7pt">(*): Net of 14,149 of Income Tax</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 16pt 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"><B>Consolidated Statements of Changes in Shareholders&rsquo;
Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="9" STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Attributable&nbsp;to&nbsp;equity&nbsp;holders&nbsp;of&nbsp;the&nbsp;parent</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 22%; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Share&nbsp;Capital</B><BR>
    <B>(Note&nbsp;22)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Share</B><BR>
    <B>Premium</B><BR>
    <B>(Note&nbsp;22)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Cumulative</B><BR>
    <B>Translation</B><BR>
    <B>Adjustment</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Equity-settled</B><BR>
    <B>Compensation</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Cash&nbsp;flow</B><BR>
    <B>hedge</B><BR>
    <B>(*)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Treasury</B><BR>
    <B>shares</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Reserve&nbsp;from</B><BR>
    <B>the&nbsp;sale&nbsp;of&nbsp;non-</B><BR>
    <B>controlling</B><BR>
    <B>interests&nbsp;in</B><BR>
    <B>subsidiaries</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Retained</B><BR>
    <B>Earnings</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Subtotal</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Non-</B><BR>
    <B>controlling</B><BR>
    <B>Interest</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Total</B><BR>
    <B>Shareholders&rsquo;</B><BR>
    <B>Equity</B></FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD STYLE="vertical-align: bottom; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Balance at January 1, 2015</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>933,044</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(395,804)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>16,735</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(43,064)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(2,840)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>25,508</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>45,644</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>762,796</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,589</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>770,385</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Changes in Accounting Standard (see Note 32)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,756)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">8,598</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">6,842</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">6,842</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Total equity at the beginning of the financial year</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>933,044</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(397,560)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>16,735</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(43,064)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(2,840)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>25,508</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>54,242</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>769,638</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,589</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>777,227</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Loss for the year</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(5,593)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(5,593)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,242</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(4,351)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Other comprehensive income:</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-left: 7.1pt; text-indent: -7.1pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">- Items that may be reclassified subsequently
    to profit or loss:</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-left: 7.1pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Exchange differences on translating foreign operations</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(174,637)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(174,637)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,509)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(178,146)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-left: 7.1pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Cash flow hedge (*)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(94,847)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(94,847)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(94,851)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-left: 9pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Other comprehensive income for the year</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(174,637)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(94,847)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(269,484)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,513)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(272,997)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(174,637)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(94,847)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(5,593)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(275,077)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(2,271)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(277,348)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Employee share options (Note 23)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Exercised</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,786</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(603)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">316</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,499</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,499</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Forfeited</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(146)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">146</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Restricted shares (Note 23):</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Value of employee services</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,396</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,396</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,396</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Vested</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,103</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,751)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">648</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Forfeited</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Purchase of own shares (Note 22)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(259)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(60)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(319)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(319)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Sale of non-controlling interests in subsidiaries (Note 21)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,881</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">16,066</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">19,947</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,017</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">21,964</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Balance at December 31, 2015</B></FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>937,674</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(568,316)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>16,631</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(137,911)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(1,936)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>41,574</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>48,795</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>520,084</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,335</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>527,419</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; margin-left: 0.25in"><FONT STYLE="font-size: 8pt">(*)
Net of 49,106 of Income Tax</FONT><FONT STYLE="font-size: 7pt">.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; margin-left: 0.25in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 8; Value: 4 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 16pt 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"><B>Consolidated Statements of Changes in Shareholders&rsquo;
Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

<P STYLE="font: 7pt 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="vertical-align: bottom; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Attributable to equity holders of the parent</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 25%; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Share
    Capital </B><BR>
    <B>(Note 22)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Share
    </B><BR>
    <B>Premium </B><BR>
    <B>(Note 22)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Cumulative
    </B><BR>
    <B>Translation </B><BR>
    <B>Adjustment</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Equity-settled
    </B><BR>
    <B>Compensation</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Cash
        flow </B><BR>
        <B>hedge</B></FONT></P>
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>(*)</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Treasury
    </B><BR>
    <B>shares</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Reserve
    from </B><BR>
    <B>the sale of non-</B><BR>
    <B>controlling </B><BR>
    <B>interests in </B><BR>
    <B>subsidiaries </B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Retained
    </B><BR>
    <B>Earnings</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-top: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Subtotal</B></FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Non-</B><BR>
    <B>Controlling </B><BR>
    <B>Interest</B></FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; padding-right: 2pt; padding-left: 2pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Total</B><BR>
    <B>Shareholders&rsquo;</B><BR>
    <B>Equity</B></FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD STYLE="vertical-align: bottom; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Balance at January 1, 2016</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>937,674</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(567,133)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>16,631</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(137,911)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(1,936)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>41,574</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>62,923</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>535,395</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,335</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>542,730</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Changes in Accounting Standard (see Note 32)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,183)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(14,128)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(15,311)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(15,311)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Total equity at the beginning of the financial year</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>937,674</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(568,316)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>16,631</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(137,911)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(1,936)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>41,574</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>48,795</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>520,084</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,335</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>527,419</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Profit for the year</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,039</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,039</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,700</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,739</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Other comprehensive income:</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-left: 7.1pt; text-indent: -7.1pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">- Items that may be reclassified subsequently
    to profit or loss:</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-left: 7.1pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Exchange differences on translating foreign operations</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">40,952</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">40,952</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,456)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">39,496</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-indent: 7.1pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Cash flow hedge (*)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">100,612</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">100,612</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">100,615</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Other comprehensive income for the year</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">40,952</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">100,612</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">141,564</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,453)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">140,111</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Total comprehensive income for the year</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">40,952</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">100,612</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,039</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">143,603</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">247</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">143,850</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Employee share options (Note 23):</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Exercised</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">438</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(140)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">82</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">380</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">380</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Forfeited</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(164)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">164</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Restricted shares (Note 23):</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Value of employee services</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,796</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,796</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,796</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Vested</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,225</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,905)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">680</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">- Forfeited</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">Purchase of own shares (Note 22)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(4,087)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(685)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(4,772)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(4,772)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Balance at December 31, 2016</B></FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>937,250</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(527,364)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>17,218</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(37,299)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,859)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>41,574</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>50,998</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>664,091</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,582</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>671,673</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD COLSPAN="8" STYLE="font-size: 7pt"><FONT STYLE="font-size: 7pt">(*) Net of (52,282) of Income Tax.</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
</TABLE>

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


<!-- Field: Page; Sequence: 9; Value: 4 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 16pt 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 0 0 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: 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: 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: 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>
    <TD NOWRAP STYLE="vertical-align: top; width: 49%; padding: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 6%; text-align: center; padding: 0"><FONT STYLE="font-size: 9pt">Note</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; text-align: center; padding: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015 (*)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; text-align: center; padding: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid; padding: 0; text-align: center; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt"><B>2014 (*)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>Cash flows from operating activities:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1pt 5.4pt 1pt 0; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1pt 5.4pt 1pt 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1pt 5.4pt 1pt 0.5in; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>Profit / (Loss) for the year</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">3,739</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(4,351)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">11,036</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><I>Adjustments for</I>:</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding: 1pt 5.4pt 1pt 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Income tax expense / (benefit)</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">10</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">9,387</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(7,954)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">10,535</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Depreciation</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">12</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">126,799</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">103,816</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">137,165</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Amortization</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">14</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">701</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">585</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">509</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Gain from disposal of farmlands and other assets</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">8</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(7,914)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Loss/(Gain) from the disposal of other property items</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">8</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">1,255</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(721)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(985)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Equity settled share-based compensation granted</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">7</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">4,796</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">4,396</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">3,867</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Loss/(Gain) from derivative financial instruments and forwards</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">8, 9</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">21,745</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(17,686)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(6,548)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Interest and other financial expense, net</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">44,734</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">43,822</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">50,941</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Initial recognition and changes in fair value of non harvested biological assets (unrealized)</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">3</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">(9,811)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(11,326)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(12,635)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Changes in net realizable value of agricultural produce after harvest (unrealized)</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">3</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">90</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(4,406)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(1,134)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Provision and allowances</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">341</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(79)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">355</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Share of loss from joint venture</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">16</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">2,685</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">924</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Foreign exchange losses, net</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">19,062</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">23,423</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">9,246</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Cash flow hedge &ndash; transfer from equity</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">85,214</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">32,700</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">12,031</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Subtotal</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 1pt 5.4pt 1pt 0; text-align: right"><FONT STYLE="font-size: 9pt">308,052</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">156,990</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">215,307</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>Changes in operating assets and liabilities:</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(Increase) in trade and other receivables</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">(30,996)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(2,300)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(38,622)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(Increase) in inventories</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">(22,301)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(9,275)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(34,841)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(Increase) in biological assets</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">(23,677)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(20,154)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(38,213)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Decrease / (Increase) in other assets</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">83</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(871)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(Increase) / Decrease in derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">(17,892)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">25,880</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">4,493</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Increase / (Decrease) in trade and other payables</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.4pt 1pt 0; text-align: right; text-indent: -504.6pt"><FONT STYLE="font-size: 9pt">39,054</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(9,871)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">6,390</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Increase in payroll and social security liabilities</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt">3,052</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">4,996</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">6,253</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Increase / (Decrease) in provisions for other liabilities</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.4pt 1pt 0; text-align: right"><FONT STYLE="font-size: 9pt">1,175</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">21</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(179)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Net cash generated from operating activities before taxes paid</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0"><FONT STYLE="font-size: 9pt"><B>256,550</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>145,416</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>120,609</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Income tax paid</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.4pt 1pt 0; text-align: right"><FONT STYLE="font-size: 9pt">(1,149)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(230)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(458)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>Net cash generated from operating activities</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 1pt 5.4pt 1pt 0; text-align: right"><FONT STYLE="font-size: 9pt"><B>255,401</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>145,186</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>120,151</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 1pt 5.4pt 1pt 0">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.4pt 1pt 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding: 1pt 5.4pt 1pt 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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.&nbsp;</P>

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


<!-- Field: Page; Sequence: 10; Value: 4 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> </P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 16pt 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 0 0 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: 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: 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: 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: bottom">
    <TD STYLE="width: 47%; padding-right: 0; padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; text-indent: 0in; font-size: 11pt; padding-right: 0; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-size: 9pt">Note</FONT></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 3%; padding: 0 0 0 9pt; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-size: 9pt"><B>2015 (*)</B></FONT></TD>
    <TD STYLE="width: 3%; padding: 0 0 0 9pt; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-top: 0; padding-bottom: 0"><FONT STYLE="font-size: 9pt"><B>2014 (*)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>Cash flows from investing activities:</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1pt 5.4pt 1pt 0.5in; text-align: center; text-indent: 0in; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Purchases of property, plant and equipment</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">12</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(134,105)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(141,770)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(305,728)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Purchases of intangible assets</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">14</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(1,218)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(1,203)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(2,098)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Interest received</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">7,671</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">8,201</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">7,068</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Proceeds from disposal of other property items,</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">2,215</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,303</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,024</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Proceeds from sale of farmland and other assets</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">21</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">12,610</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Proceeds from disposal of subsidiaries</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">21</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">3,423</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">3,890</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,318</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Investment in joint ventures</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">16</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(1,372)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Payment of seller financing arising on subsidiaries acquired</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(684)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Loans to joint venture</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(8,082)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>(122,014)</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>(125,051)</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>(300,472)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>Cash flows from financing activities:</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Net proceeds from the sale of non-controlling interest in subsidiaries</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">21</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">21,964</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">49,343</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Proceeds from equity settled shared-based compensation exercised</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">380</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">1,259</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">839</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Proceeds from long-term borrowings</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">167,385</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">299,343</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">180,048</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Payments of long-term borrowings</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(277,913)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(165,455)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(177,027)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Interest paid</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(48,400)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(48,438)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(48,899)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Proceeds from short-term borrowings</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">257,395</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">211,045</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">152,216</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Payments of short-term borrowings</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(272,033)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(208,309)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(70,239)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Payment of derivatives financial instruments</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(3,724)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(18,676)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Purchase of own shares</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(4,772)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(320)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(12,992)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>Net cash generated from financing activities</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>(181,682)</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>92,413</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"><B>73,289</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Net increase / (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt; padding-top: 1pt"><FONT STYLE="font-size: 9pt"><B>(48,295)</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt; padding-top: 1pt"><FONT STYLE="font-size: 9pt"><B>112,548</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt; padding-top: 1pt"><FONT STYLE="font-size: 9pt"><B>(107,032)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Cash and cash equivalents at beginning of year</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">198,894</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">113,795</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">232,147</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">7,969</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(27,449)</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">(11,320)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Cash and cash equivalents at end of year</B></FONT></TD>
    <TD STYLE="text-align: center; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt; padding-top: 1pt"><FONT STYLE="font-size: 9pt"><B>158,568</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt; padding-top: 1pt"><FONT STYLE="font-size: 9pt"><B>198,894</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt; padding-top: 1pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt; padding-top: 1pt"><FONT STYLE="font-size: 9pt"><B>113,795</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

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


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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">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: 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</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: 0; text-align: justify">&nbsp;</P>

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

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

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


<!-- Field: Page; Sequence: 12; Options: NewSection; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 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: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Subsidiaries&rsquo;&nbsp;functional&nbsp;currency</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 31%; border-bottom: Black 1pt solid; text-align: center; padding-left: 6pt; vertical-align: middle"><B>Net&nbsp;monetary&nbsp;position<BR>
    (Liability)/&nbsp;Asset</B></TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><B>Argentine&nbsp;<BR>
    Peso</B></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><B>Brazilian&nbsp;<BR>
    Reais</B></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><B>Uruguayan&nbsp;<BR>
    Peso</B></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><B>US&nbsp;Dollar</B></TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle; padding-right: 6pt"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 6pt">Argentine Peso</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,518</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>1,518</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 6pt">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(203,070)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>(203,070)</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 6pt">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(44,088)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(307,088)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(7,714)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">78,801</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>(280,089)</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 6pt">Uruguayan Peso</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">(35)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>(35)</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 6pt; padding-bottom: 2.5pt"><B>Total</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>(42,570)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>(510,158)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>(7,749)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>78,801</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>(481,676)</B></TD></TR>
</TABLE>
<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: 92%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-right: 0; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-right: 0; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Subsidiaries&rsquo;&nbsp;functional&nbsp;currency</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-left: 0; vertical-align: middle"><B>Net&nbsp;monetary&nbsp;position</B><BR>
<B>(Liability)/&nbsp;Asset</B></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-left: 0; vertical-align: middle"><B>Argentine&nbsp;</B><BR>
<B>Peso</B></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-left: 0; vertical-align: middle"><B>Brazilian&nbsp;</B><BR>
<B>Reais</B></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-left: 0; vertical-align: middle"><B>Uruguayan&nbsp;</B><BR>
<B>Peso</B></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; padding-left: 0; vertical-align: middle"><B>US&nbsp;Dollar</B></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt; padding-left: 0; vertical-align: middle"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 6pt; padding-right: 0">Argentine Peso</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(7,513)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>(7,513)</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 6pt">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(174,145)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>(174,145)</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 6pt">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(61,256)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(376,757)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">32,560</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">95,251</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>(310,202)</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 6pt">Uruguayan Peso</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">(1,083)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>(1,083)</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 6pt; padding-bottom: 2.5pt"><B>Total</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>(68,769)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>(550,902)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>31,477</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>95,251</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>(492,943)</B></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; 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: 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: bottom">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Functional&nbsp;currency</B></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><B>Net&nbsp;monetary&nbsp;position</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Argentine&nbsp;</B><BR>
<B>Peso</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Brazilian&nbsp;</B><BR>
<B>Reais</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Uruguayan&nbsp;Peso</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>US&nbsp;Dollar</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 8%; text-align: justify; padding-left: 6pt">2016</TD>
    <TD STYLE="vertical-align: top; width: 22%">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: right">(4,409)</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: right">(30,709)</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: right">(771)</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; text-align: right; padding-right: 6pt"><B>(35,889)</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify; padding-left: 6pt">2015</TD>
    <TD STYLE="vertical-align: top">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6,126)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(37,676)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">3,256</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>(40,546)</B></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; 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: 0; text-align: justify">&nbsp;</P>

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

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


<!-- Field: Page; Sequence: 13; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 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: 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">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: 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 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: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 252.3pt; 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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0 0 0 0.5in; 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: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Raw
                                         material price risk</B></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; 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: 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: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>End-product
                                         price risk </B></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; 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: 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">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.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 14; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; margin-bottom: 0"><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: 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Liquidity
                                         risk </B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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">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: 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,
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: 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 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: 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>
    <TD STYLE="vertical-align: top; width: 30%"><B>At 31 December 2016</B></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Less than</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1 year</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Between</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1 and 2 years</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Between 2</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and 5 years</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Over</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>5 Years</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">79,715</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,082</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">19</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">326</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">81,142</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Borrowings</TD>
    <TD STYLE="text-align: right">239,588</TD>
    <TD STYLE="text-align: right">218,717</TD>
    <TD STYLE="text-align: right">221,036</TD>
    <TD STYLE="text-align: right">35,702</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">715,043</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">6,406</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">662</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">7,068</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-bottom: 2.5pt"><B>Total</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right"><B>325,709</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right"><B>220,461</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right"><B>221,055</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right"><B>36,028</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>803,253</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 30%"><B>At 31 December 2015</B></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Less than</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1 year</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Between</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1 and 2 years</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Between 2</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and 5 years</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Over</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>5 Years</B></P></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">48,177</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">566</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1,062</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">283</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">50,088</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Borrowings</TD>
    <TD STYLE="text-align: right">275,914</TD>
    <TD STYLE="text-align: right">176,712</TD>
    <TD STYLE="text-align: right">372,672</TD>
    <TD STYLE="text-align: right">66,689</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">891,987</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">6,575</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">119</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">6,694</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-bottom: 2.5pt"><B>Total</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>330,666</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>177,397</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>373,734</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><B>66,972</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>948,769</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 15; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; margin-bottom: 0"><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: 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Interest
                                         rate risk </B></FONT></TD></TR></TABLE>

<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 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: 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 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: 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 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: 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: 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: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 28.3pt; font: 10pt Times New Roman, Times, Serif; width: 83%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Subsidiaries&rsquo; functional currency</B></TD></TR>
<TR>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; text-align: center"><B>Rate per currency denomination</B></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Argentine </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peso</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brazilian </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Reais</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Uruguayan</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peso</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Fixed rate:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Argentine Peso</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">1,005</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">1,005</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">131,495</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">131,495</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">15,065</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">37,937</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">29,069</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">82,071</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Subtotal Fixed-rate borrowings</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>16,070</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>169,432</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>29,069</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>214,571</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Variable rate:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">65,408</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">65,408</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">48,677</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">306,559</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">355,236</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Subtotal Variable-rate borrowings</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>48,677</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>371,967</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>-</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>420,644</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Total borrowings as per analysis</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>64,747</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>541,399</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>29,069</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>635,215</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Finance leases</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">181</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">181</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.05in; padding-bottom: 2.5pt"><B>Total borrowings as per statement of financial position</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>64,928</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>541,399</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>29,069</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>635,396</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 28.3pt; font: 10pt Times New Roman, Times, Serif; width: 83%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Subsidiaries&rsquo; functional currency</B></TD></TR>
<TR>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; text-align: center"><B>Rate per currency denomination</B></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Argentine </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peso</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brazilian </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Reais</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Uruguayan </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peso</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Fixed rate:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Argentine Peso</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">3,125</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">3,125</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">145,114</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">145,114</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">58,378</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">20,362</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">78,740</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Subtotal Fixed-rate borrowings</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>61,503</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>165,476</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>-</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>226,979</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Variable rate:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">48,231</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">48,231</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">13,180</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">434,670</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">447,850</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Subtotal Variable-rate borrowings</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>13,180</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>482,901</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>-</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>496,081</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Total borrowings as per analysis</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>74,683</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>648,377</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>-</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>723,060</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Finance leases</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">279</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">279</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.05in; padding-bottom: 2.5pt"><B>Total borrowings as per statement of financial position</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>74,962</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>648,377</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>-</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>723,339</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 16; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.48in; font: 10pt Times New Roman, Times, Serif; width: 81%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Subsidiaries&rsquo; functional currency</B></TD></TR>
<TR>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; text-align: center"><B>Rate per currency denomination</B></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Argentine </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peso</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brazilian </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Reais</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><B>Uruguayan</B><BR>
<B>Peso</B></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Variable rate:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">(654)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">(654)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(487)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(3,066)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(3,553)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.05in; padding-bottom: 2.5pt"><B>Total effects on Profit Before Income Tax</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>(487)</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>(3,720)</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>-</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>(4,207)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.48in; font: 10pt Times New Roman, Times, Serif; width: 81%; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD></TR>
<TR>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Subsidiaries&rsquo; functional currency</B></TD></TR>
<TR>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; text-align: center"><B>Rate per currency denomination</B></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Argentine </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peso</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brazilian </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Reias</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Uruguayan </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peso</B></P></TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Argentine </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peso</B></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in"><B>Variable rate:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">(482)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">(482)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.05in">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(132)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(4,347)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(4,479)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.05in; padding-bottom: 2.5pt"><B>Total effects on Profit Before Income Tax</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>(132)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>(4,829)</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>-</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>(4,961)</B></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; 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: 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: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Credit
                                         risk</B></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 17; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 18; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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: 0; margin-bottom: 0"><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: 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Capital
                                         risk management</B></FONT></TD></TR></TABLE>

<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 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: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 58%; text-align: left; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0"><B>2016</B></TD>
    <TD STYLE="width: 4%; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0"><B>2015 (*)</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Total Debt</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; text-align: right">635,396</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; text-align: right">723,339</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Total Equity</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6pt; text-align: right">671,673</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6pt; text-align: right">527,419</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Total Capital</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; text-align: right">1,307,069</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; text-align: right">1,250,758</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-bottom: 2.5pt"><B>Gearing Ratio</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 6pt; text-align: right"><B>0.49</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 6pt; text-align: right"><B>0.58</B></TD></TR>
</TABLE>
<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">(*)&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: 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Derivative
                                         financial instruments</B></FONT></TD></TR></TABLE>

<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: 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: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 19; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><B>Futures/ options</B></TD></TR></TABLE>

<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 0 0 35.45pt; text-align: justify">As of December 31, 2016:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 28%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Type of</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 16%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Quantities (thousands)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(**)</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Notional</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Fair</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Loss)/Gain</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(*)</B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>derivative contract</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>amount</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Value Asset/ (Liability)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt"><B>Futures:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 9pt"><B><I>Sale</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt">Corn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">66</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">9,436</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">46</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">46</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 9pt">Soybean</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">120</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">42,330</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(1,171)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(1,170)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">17,020</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">9,144</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">722</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">64</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Ethanol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">6,900</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">3,978</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(40)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(40)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Options:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B><I>Buy put</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt">Soybean</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">14</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">464</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">644</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">181</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">70,510</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(6,734)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">5,374</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">352</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B><I>Sell call</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">54,597</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">3,058</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(3,219)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(105)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B><I>Sell put</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">14,528</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">748</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(763)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(1,625)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>163,755</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>62,424</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,593</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>(2,297)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">As of December 31, 2015:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 28%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Type of</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 16%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Quantities (thousands)</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(**)</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Notional</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Fair</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="width: 15%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Loss)/Gain</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(*)</B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>derivative contract</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>amount</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Value Asset/ (Liability)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt"><B>Futures:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 9pt"><B><I>Sale</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt">Corn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">115</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">18,870</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">2,090</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">2,090</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 9pt">Soybean</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">183</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">49,721</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">1,546</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">1,546</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">103,592</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">34,353</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(2,686)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(5,976)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Ethanol</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">2,400</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">885</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(10)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(10)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>OTC:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">24,892</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">9,241</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(2,041)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(2,021)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Options:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B><I>Buy put</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt">Soybean</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">12</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">210</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">228</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">18</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">25,146</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">1,704</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">837</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(819)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B><I>Sell call</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">25,095</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">736</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(1,300)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(570)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B><I>Sell put</I></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Sugar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">9,601</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">372</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">(182)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">188</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>191,036</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>116,092</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>(1,518)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>(5,554)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 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: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(**) All quantities expressed in tons and m<SUP>3</SUP>.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commodity future contract fair values are computed
with reference to quoted market prices on future exchanges.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 20; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /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: 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: 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</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: 0 0 0 2in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><B>Currency forward</B></TD></TR></TABLE>

<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">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: 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">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: 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">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: 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">Gains and losses on currency
forward contracts are included within &ldquo;Financial results, net&rdquo; in the statement of income.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 21; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 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: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 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: 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;Farming&#8217;</B> is further comprised of five reportable segments:</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: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;Crops&#8217;</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&#180;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 56.7pt; 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: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;Rice&#8217; </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 56.7pt; 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: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;Dairy&#8217;</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: 0 0 0 56.7pt; 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: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;All Other Segments&#8217; </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: 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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;Sugar, Ethanol and Energy&#8217;</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: 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: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;Land Transformation&#8217;</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; 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 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: 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 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>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 22; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Segment analysis for the year ended
December 31, 2016</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>Farming</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; text-indent: 0.45pt"><FONT STYLE="font-size: 7pt"><B><I>Sugar,
    </I></B><BR>
    <B><I>Ethanol and </I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>Land
    </I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B><I>Corporate</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B><I>Total</I></B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 49%; text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>All other</B><BR>
    <B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B><I>Farming</I></B><BR>
    <B><I>subtotal</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B><I>Energy</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B><I>Transformation</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; border-bottom: Black 1pt solid; text-align: justify; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Sales of goods and services rendered</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">142,124</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">96,562</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">32,897</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">960</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>272,543</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">596,692</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>869,235</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(141,731)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(83,574)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(32,571)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(212)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(258,088)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(420,493)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(678,581)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">48,790</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">10,498</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">5,476</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(13)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>64,751</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">60,705</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>125,456</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(5,841)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(5,841)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(5,841)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt"><B>Margin on Manufacturing and Agricultural Activities Before Operating
    Expenses</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>43,342</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>23,486</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>5,802</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>735</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>73,365</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>236,904</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>310,269</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">General and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(2,770)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(3,373)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(983)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(290)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(7,416)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(22,648)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(20,686)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(50,750)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(5,692)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(11,583)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(752)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(49)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(18,076)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(62,518)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(79)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(80,673)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Other operating income, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(8,787)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">402</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">686</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">8,497</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>798</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(8,903)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(192)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(8,297)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Share of loss of joint ventures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt"><B>Profit / (loss) from Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>26,093</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>8,932</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>4,753</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>8,893</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>48,671</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>142,835</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(20,957)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>170,549</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(1,369)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(2,766)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(964)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(192)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(5,291)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(122,209)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(127,500)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce (unrealized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">5,790</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">2,316</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">1,319</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">107</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>9,532</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>279</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>9,811</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of biological assets
    and agricultural produce (realized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">43,000</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">8,182</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">4,157</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(120)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>55,219</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>60,426</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>115,645</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural produce after harvest
    (unrealized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(90)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(90)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(90)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural produce after harvest
    (realized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">(5,751)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(5,751)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>(5,751)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Farmlands and farmland improvements, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">68,224</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">18,868</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">168</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">5,504</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>92,764</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>26,734</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>119,498</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Machinery, equipment and other fixed assets, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">3,892</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">14,949</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">7,449</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">467</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>26,757</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>418,543</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>445,300</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Bearer plants, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">1,860</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>1,860</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>214,309</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>216,169</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Work in progress</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">1,100</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">3,274</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">2,727</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>7,101</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>14,540</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>21,641</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Investment property</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">2,666</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>2,666</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>2,666</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Goodwill</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">3,782</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">1,737</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">1,186</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>6,705</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>6,700</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>13,405</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Biological assets</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">28,189</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">25,575</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">6,827</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">2,433</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>63,024</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>82,380</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>145,404</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">29,562</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">12,102</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">2,060</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>43,724</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>68,030</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>111,754</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt"><B>Total segment assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>134,749</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>76,505</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>19,231</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>14,116</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>244,601</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>831,236</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>1,075,837</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 7pt">Borrowings</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">43,878</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">47,156</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">616</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt">10,449</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>102,099</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>533,297</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>635,396</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt"><B>Total segment liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>43,878</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>47,156</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>616</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>10,449</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>102,099</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>533,297</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 7pt"><B>635,396</B></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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 23; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)&#9;</B></TD></TR></TABLE>

<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">Segment analysis for the year ended December
31, 2015</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%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Farming</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Sugar,</I></B><BR>
    <B><I>Ethanol and </I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Land
    </I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Corporate</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Total</I></B></FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 49%; text-align: left; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>All
    other</B><BR>
    <B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Farming</I></B><BR>
    <B><I>subtotal</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 7%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Energy</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 7%; border-bottom: Black 1pt solid; text-align: center; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Transformation</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Sales of goods and services rendered</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">154,741</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">84,668</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">32,981</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,302</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>273,692</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">400,622</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>674,314</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(154,287)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(69,075)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(33,030)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(603)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(256,995)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(300,791)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(557,786)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of
    biological assets and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">11,561</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,822</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">7,542</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(181)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>21,744</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">32,784</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>54,528</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural
    produce after harvest</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">14,691</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>14,691</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>14,691</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Margin on Manufacturing and Agricultural Activities
    Before Operating Expenses</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>26,706</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>18,415</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,493</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>518</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>53,132</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>132,615</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>185,747</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">General and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,987)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,136)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,451)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(74)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(8,648)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(18,301)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(21,476)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(48,425)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(5,672)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(12,592)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(663)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(49)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(18,976)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(50,729)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(563)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(70,268)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Other operating income, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">16,422</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">600</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(479)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">6</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>16,549</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">6,340</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">7,914</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">263</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>31,066</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Share of loss of joint ventures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(2,685)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(2,685)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(2,685)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Profit / (loss) from Operations Before Financing
    and Taxation</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>30,784</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>3,287</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>4,900</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>401</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>39,372</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>69,925</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,914</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(21,776)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>95,435</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Reserve from the sale of non-controlling interests
    in subsidiaries (see Note 21)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">16,066</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>16,066</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(2,427)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(2,987)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,456)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(276)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(7,146)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(97,255)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(104,401)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of
    biological assets and agricultural produce (unrealized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,234</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">587</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">207</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>3,028</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">8,298</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>11,326</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of
    biological assets and agricultural produce (realized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">9,327</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,235</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">7,542</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(388)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>18,716</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">24,486</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>43,202</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural
    produce after harvest (unrealized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,406</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>4,406</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>4,406</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural
    produce after harvest (realized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">10,285</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>10,285</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>10,285</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Farmlands and farmland improvements, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">75,702</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">16,053</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">289</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">5,265</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>97,309</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">22,359</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>119,668</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Machinery, equipment and other fixed assets, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,853</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">14,367</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">9,422</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">611</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>28,253</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">369,184</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>397,437</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Bearer plants, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">156,671</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>156,671</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Work in progress</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">935</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">5,604</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">495</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,034</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">16,079</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>23,113</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Investment property</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,796</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>4,796</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>4,796</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Goodwill</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,609</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,117</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,192</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,918</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">5,592</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>13,510</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Biological assets</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">22,536</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">23,131</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">6,786</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">288</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>52,741</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">59,077</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>111,818</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">27,770</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">13,584</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,741</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>43,095</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">42,191</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>85,286</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Total segment assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>135,405</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>74,856</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>18,733</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>12,152</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>241,146</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>671,153</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>912,299</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Borrowings</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">54,321</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">24,932</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">5,318</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,273</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>85,844</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>637,495</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">723,339</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Total segment liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>54,321</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>24,932</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>5,318</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>1,273</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>85,844</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>637,495</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>723,339</B></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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<!-- Field: Page; Sequence: 24; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"><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">
<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: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Segment analysis for the year ended December
31, 2014</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%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: left; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Farming</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; text-indent: 0.45pt; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Sugar,</I></B><BR>
    <B><I>Ethanol </I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; text-indent: 0.45pt; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Land
    </I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Corporate</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Total</I></B></FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 49%; text-align: left; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>All
    other </B><BR>
    <B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Farming
    </I></B><BR>
    <B><I>subtotal</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; text-align: right; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>and
    Energy</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 7%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Transformation</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Sales of goods sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">177,662</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">103,682</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">32,968</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,525</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>315,837</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">407,129</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>722,966</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(177,473)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(84,199)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(33,034)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(842)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(295,548)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(309,777)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(605,325)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of
    biological assets and agricultural produce</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">40,267</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">8,559</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">9,891</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(10)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>58,707</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>41,509</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>100,216</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural
    produce after harvest</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,401</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>3,401</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>3,401</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Margin on Manufacturing and Agricultural Activities
    Before Operating Expenses</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>43,857</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>28,042</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>9,825</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>673</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>82,397</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>138,861</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>221,258</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">General and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(4,343)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,218)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,554)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(166)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(9,281)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(22,054)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(21,360)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(52,695)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Selling expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(4,201)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(14,367)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(596)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(29)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(19,193)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(57,815)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(1,856)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(78,864)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Other operating income, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">356</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">480</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">437</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(190)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>1,083</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>10,911</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(17)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>11,977</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Share of loss of joint ventures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(924)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(924)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(924)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Profit / (loss) from Operations Before Financing
    and Taxation</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>34,745</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>10,937</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>8,112</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>288</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>54,082</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>69,903</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(23,233)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>100,752</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Reserve from the sale of non-controlling interests
    in subsidiaries (see Note 21)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">25,508</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>25,508</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,926)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,261)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,551)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(398)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(7,136)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(130,538)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(137,674)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of
    biological assets and agricultural produce (unrealized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,813</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(2,340)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,128</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">353</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>1,954</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>10,681</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>12,635</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Initial recognition and changes in fair value of
    biological assets and agricultural produce (realized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">37,454</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">10,899</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">8,763</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">(363)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>56,753</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>30,828</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>87,581</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Gain from changes in net realizable value of agricultural
    produce after harvest (unrealized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,134</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>1,134</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>1,134</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Gain from changes in net realizable value of agricultural
    produce after harvest (realized)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,267</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>2,267</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>2,267</B></FONT></TD></TR>
</TABLE>



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


<!-- Field: Page; Sequence: 25; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 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">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 CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 62%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><B>Total reportable assets as per Segment Information</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>1,075,837</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>912,299</B></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Intangible assets (excluding goodwill)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">3,847</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">3,151</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Deferred income tax assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">38,586</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">68,744</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">174,940</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">166,806</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Other assets</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">590</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">651</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">3,398</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">4,849</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">158,568</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">198,894</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-bottom: 2.5pt"><B>Total assets as per the Statement of Financial Position</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>1,455,766</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 2.5pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>1,355,394</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 CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 62%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><B>Total reportable liabilities as per Segment Information</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>635,396</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>723,339</B></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Trade and other payables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">93,585</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">55,642</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Deferred income tax liabilities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">14,689</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">15,636</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Payroll and social liabilities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">28,079</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">23,389</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Provisions for other liabilities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">3,889</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">2,313</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Current income tax liabilities</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">1,387</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">962</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Derivative financial instruments</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">7,068</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">6,694</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; padding-bottom: 2.5pt"><B>Total liabilities as per the Statement of Financial Position</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>784,093</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-bottom: 2.5pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>827,975</B></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>


<!-- Field: Page; Sequence: 26; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Argentina</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Brazil</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Uruguay</B></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Total</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Property, plant and equipment</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">101,513</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">694,137</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">6,958</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>802,608</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Investment property</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">2,666</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>2,666</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Goodwill</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">5,980</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,425</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>13,405</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Non-current portion of biological assets</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">8,516</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>8,516</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Initial recognition and changes in fair value of biological assets and agricultural produce</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">62,970</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">62,556</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(70)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>125,456</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>(Loss) from changes in net realizable value of agricultural produce after harvest</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">(4,491)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(958)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(392)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>(5,841)</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Sales of goods and services rendered</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">164,264</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">432,468</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">272,503</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>869,235</B></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">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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Argentina</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Brazil</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Uruguay</B></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Total</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Property, plant and equipment</TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">110,218</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">579,694</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">6,977</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>696,889</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Investment property</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">4,796</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>4,796</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Goodwill</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">7,287</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">6,223</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>13,510</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Non-current portion of biological assets</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">6,476</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>6,476</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Initial recognition and changes in fair value of biological assets and agricultural produce</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">16,637</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">37,097</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">794</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>54,528</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Gain / (Loss) from changes in net realizable value of agricultural produce after harvest</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">16,139</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(32)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(1,416)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>14,691</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Sales of goods and services rendered</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">166,447</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">295,456</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">212,411</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>674,314</B></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: 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 44%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Argentina</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Brazil</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Uruguay</B></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>Total</B></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">57,369</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">42,042</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">805</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><B>100,216</B></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">Gain / (Loss) from changes in net realizable value of agricultural produce after harvest</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,629</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(345)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">2,117</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><B>3,401</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Sales of goods and services rendered</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">192,820</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">328,512</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">201,634</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><B>722,966</B></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><B>2014</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><B>Manufactured products and services rendered:</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Rice</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">94,331</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">82,797</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">99,339</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Ethanol</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">211,451</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">176,150</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">165,870</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">330,895</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">177,801</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">174,459</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Soybean oil and meal</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">2,071</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">-</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Energy</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">53,995</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">46,671</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">66,800</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Powder milk</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">4,816</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,042</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">2,948</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Services</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,160</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,545</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">2,093</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Operating Leases</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">984</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,309</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,593</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Others</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt">1,423</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt">1,233</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt">25</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><B>699,055</B></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><B>490,619</B></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><B>513,127</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><B>Agricultural produce and biological assets:</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Soybean</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">63,797</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">75,361</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">79,515</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cattle for dairy</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">3,059</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">3,656</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">2,553</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Corn</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">48,502</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">41,813</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">69,636</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cotton</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,434</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">3,317</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">9,081</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Milk</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">24,561</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">27,906</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">27,467</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Wheat</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">16,951</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">16,116</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">7,669</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Sunflower</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">7,275</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">12,659</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">10,016</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sorghum</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">111</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">84</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Rice</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">950</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,117</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Barley</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,240</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">634</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,150</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Seeds</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">625</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">648</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">1,244</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Others</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt">1,786</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt">1,474</TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt">307</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><B>170,180</B></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><B>183,695</B></TD>
    <TD STYLE="text-align: right; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5.4pt"><B>209,839</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><B>Total sales</B></TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt"><B>869,235</B></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt"><B>674,314</B></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5.4pt"><B>722,966</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"><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>


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>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; 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 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="text-align: left">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>2016</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>All&nbsp;other</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Ethanol&nbsp;and</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Finished goods at the beginning of 2016 (Note 19)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">16,034</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">6,904</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">55</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">24,631</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">47,624</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Cost of production of manufactured products (Note 6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">478</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">61,254</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">371</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">206</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">376,791</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">439,100</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Purchases</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">25,954</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">22,303</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">4,414</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">89,745</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">142,416</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Agricultural produce</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">110,252</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">27,628</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">137,880</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Transfer to raw material</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(8,603)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(8,603)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Direct agricultural selling expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">19,077</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">19,077</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Tax recoveries (i)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(24,156)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(24,156)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(5,841)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(5,841)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Finished goods at the end of December 31, 2016 (Note 19)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(13,117)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(5,473)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(49,601)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(68,191)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Exchange differences</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(2,503)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(1,414)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">103</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,083</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(725)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Cost of goods sold and services rendered, and direct agricultural selling expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>141,731</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>83,574</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>32,571</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>212</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>420,493</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>678,581</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt 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; text-align: justify">As of 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">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>2015</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>All&nbsp;other</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Ethanol&nbsp;and</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Finished goods at the beginning of 2015 (Note 19)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">21,056</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">4,656</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">76</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">50,087</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">75,875</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Cost of production of manufactured products (Note 6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">67</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">60,445</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">624</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">603</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">273,127</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">334,866</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Purchases</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">27,625</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">13,520</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">920</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">48,610</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">90,675</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Agricultural produce</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">93,536</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">31,563</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">125,099</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Transfer to raw material</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(6,237)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(6,237)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Direct agricultural selling expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">29,179</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">29,179</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Tax recoveries (i)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(16,196)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(16,196)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">14,691</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">14,691</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Finished goods at the end of December 31, 2015 (Note 19)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(16,034)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(6,904)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(55)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(24,631)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(47,624)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Exchange differences</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(9,596)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(2,642)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(98)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(30,206)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(42,542)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Cost of goods sold and services rendered, and direct agricultural selling expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>154,287</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>69,075</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>33,030</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>603</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>300,791</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>557,786</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt 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; 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>2014</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 40%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>All&nbsp;other</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Ethanol</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>and</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Finished goods at the beginning of 2014 (Note 19)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">12,863</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">5,061</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">50,224</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">68,148</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Cost of production of manufactured products (Note 6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">70,095</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,034</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">842</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">323,766</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">397,737</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Purchases</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">37,705</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">15,810</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">117</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">16,402</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">70,034</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Agricultural produce</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">132,216</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">30,020</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">162,236</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Transfer to raw material</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(7,191)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Direct agricultural selling expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">24,280</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">24,280</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Tax recoveries (i)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(13,778)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(13,778)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,401</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,401</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Finished goods at the end of December 31, 2014 (Note 19)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(21,056)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(4,656)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(50,087)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(75,875)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Exchange differences</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(4,745)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(2,111)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(61)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(16,750)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">(23,667)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Cost of goods sold and services rendered, and direct agricultural selling expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>177,473</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>84,199</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>33,034</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>842</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>309,777</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>605,325</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt 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"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 29; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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: 0.5in">&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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>Cost
    of production of manufactured products (Note 5)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: bottom"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: middle; width: 43%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>All
    other</B><BR>
    <B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Sugar,</B><BR>
    <B>Ethanol and</B><BR>
    <B>Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>General
    and</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Administrative</B><BR>
    <B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Selling</B><BR>
    <B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,590</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">206</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">54,225</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>60,021</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">30,935</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,358</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>96,314</B></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 STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">468</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">3,927</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">7,025</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>11,420</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>11,420</B></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 STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">856</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">102,620</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>103,476</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,006</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">695</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>109,177</B></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 STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">86</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">26,307</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>26,393</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">450</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">368</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>27,211</B></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 STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,408</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">21,641</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>23,049</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">931</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">390</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>24,370</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Freights</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">4,901</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">330</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>5,245</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">29,976</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>35,221</B></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 STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">29,375</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>29,375</B></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 STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">3,649</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>3,649</B></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 STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">4,374</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>4,423</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>4,423</B></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 STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2,890</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,890</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Energy power</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">913</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,007</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,920</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">795</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">211</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,926</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Professional fees</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">90</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">387</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>477</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,495</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,105</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>7,077</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Other taxes</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">58</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2,012</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,070</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">653</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,731</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Contingencies</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,835</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,835</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Lease expense and similar arrangements</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">145</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>145</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,185</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">51</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,381</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Third parties raw materials</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">3,001</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">26,552</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>29,553</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>29,553</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Tax recoveries</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">(11,527)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>(11,527)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>(11,527)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,344</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">4,428</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>5,772</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">3,465</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">6,597</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>15,834</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>478</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>22,319</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>53</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>206</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>239,381</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>262,437</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>50,750</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>80,673</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>393,860</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Own agricultural produce consumed</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">38,935</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">318</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">137,410</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>176,663</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>176,663</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>478</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>61,254</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>371</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>206</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>376,791</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>439,100</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>50,750</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>80,673</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>570,523</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 30; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>6.</B></TD><TD><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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>Cost
    of production of manufactured products (Note 5)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center; vertical-align: bottom"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: middle; width: 43%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>All
    other</B><BR>
    <B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Sugar,</B><BR>
    <B>Ethanol and</B><BR>
    <B>Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>General
    and</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Administrative
    </B><BR>
    <B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Selling</B><BR>
    <B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,952</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">551</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">49,454</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>55,957</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">28,354</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,053</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>89,364</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">56</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">3,760</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">86</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">7,143</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>11,045</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>11,045</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,305</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">82,711</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>84,016</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,762</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">765</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>90,543</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Fertilizers, agrochemicals and seeds</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">52</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>52</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>52</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">102</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">20,034</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>20,136</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">468</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">66</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>20,670</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,167</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">13,934</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>15,101</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">937</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">356</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>16,394</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Freights</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">4,303</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>4,350</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">20,930</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>25,296</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">29,110</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>29,110</B></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 expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">3,223</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>3,223</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">82</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">3,297</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>3,379</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>3,379</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2,386</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,386</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">622</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,039</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,661</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">793</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">27</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,481</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">84</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">349</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>433</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">6,008</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,257</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>7,698</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">85</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,260</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,345</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">716</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,061</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Contingencies</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,482</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,482</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">77</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">216</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>293</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,107</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,443</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">9,506</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">24,182</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>33,688</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>33,688</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt">Tax recoveries</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">(14,395)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>(14,395)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>(14,395)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">691</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,087</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>5,780</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2,782</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">7,052</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>15,614</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>67</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>27,654</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>206</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>603</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>194,311</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>222,841</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>48,425</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>70,268</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>341,534</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Own agricultural produce consumed</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">32,791</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">418</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">78,816</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">112,025</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>112,025</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>67</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>60,445</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>624</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>603</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>273,127</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>334,866</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>48,425</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>70,268</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>453,559</B></FONT></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>


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
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<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; 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>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt"><B>Cost
    of production of manufactured products (Note 5)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center; vertical-align: bottom"></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: center; width: 43%; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 3%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>All
    other</B><BR>
    <B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Sugar,</B><BR>
    <B>Ethanol</B><BR>
    <B>and Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>General
    and</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Administrative</B><BR>
    <B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Selling</B><BR>
    <B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 6%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,842</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">563</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">55,136</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>61,541</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">32,237</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,467</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>99,245</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">8,814</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>8,814</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>8,814</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,322</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">61</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">114,026</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>115,409</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,962</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,113</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>122,484</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">108</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">20,938</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>21,071</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">475</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>21,595</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,383</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">56</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">17,857</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>19,296</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">994</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">367</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>20,657</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Freights</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5,906</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">174</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>6,080</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">25,145</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>31,233</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">32,697</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>32,697</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2,204</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,204</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">587</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">4,560</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>5,147</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>5,147</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,703</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,703</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">23</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>23</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>23</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">654</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,113</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,769</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">295</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">28</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,092</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">122</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">753</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>875</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">7,470</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,067</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>9,412</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,333</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,433</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">784</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>2,222</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Contingencies</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,236</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,236</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">84</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>90</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">1,195</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">87</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>1,372</B></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: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">8,392</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">27,948</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>36,340</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>36,340</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt">Tax recoveries</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">(18,828)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>(18,828)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>(18,828)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">8,489</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>8,495</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2,039</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">8,932</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>19,466</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>23,813</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>761</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>842</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>242,139</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>267,555</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>52,695</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>78,864</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>399,114</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Own agricultural produce consumed</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">46,282</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">2,273</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">81,627</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">130,182</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>130,182</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>70,095</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>3,034</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>842</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>323,766</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>397,737</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>52,695</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>78,864</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 5pt"><FONT STYLE="font-size: 8pt"><B>529,296</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 32; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%; text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Wages and salaries (i)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">117,423</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">104,216</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">133,573</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Social security costs</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">28,849</FONT></TD>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">23,111</FONT></TD>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">28,646</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Equity-settled share-based compensation</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">4,796</FONT></TD>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">4,396</FONT></TD>
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">3,867</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>151,068</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>131,723</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>166,086</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Number of employees</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8,326</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8,089</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8,109</FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt 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: 9pt 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%; text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Gain from disposal of farmland and other assets (Note&nbsp;21)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,914</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">(Loss) / Gain from commodity derivative financial instrument</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(16,007)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">22,148</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">9,937</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Loss from onerous contracts &ndash; forwards</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(44)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(25)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(157)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">(Loss) /Gain from disposal of other property items</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(1,255)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">721</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">985</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Settlement agreement (Nota 29)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8,489</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">520</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">308</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,212</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(8,297)</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>31,066</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>11,977</B></FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%; text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Finance income:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">- Interest income</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,671</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8,201</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,068</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">- Other income</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">286</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">949</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">223</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Finance income</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>7,957</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>9,150</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>7,291</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Finance costs:</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">- Interest expense</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(48,198)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(49,491)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(54,915)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">- Cash flow hedge &ndash; transfer from equity (Note 2)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(85,214)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(32,700)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(12,031)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">- Foreign exchange losses, net</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(19,062)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(23,423)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(9,246)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">- Taxes</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,719)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,358)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,731)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">- Loss from interest rate/foreign exchange rate derivative financial instruments</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(5,694)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(4,437)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,232)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">- Other expenses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(4,493)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,481)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,317)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Finance costs</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(165,380)</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(116,890)</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(86,472)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Total financial results, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(157,423)</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(107,740)</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0; text-align: right; font-size: 12pt; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(79,181)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 33; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="vertical-align: bottom; width: 54%; text-align: left; font-size: 12pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Current income tax</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(21,505)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,163)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(124)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Deferred income tax</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">12,118</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">10,117</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(10,411)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Income
    tax (expense) / benefit</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(9,387)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>7,954</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(10,535)</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; 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 51%; border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Tax Jurisdiction</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 44%; border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Income Tax Rate</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Argentina</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt">35%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Brazil</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt">34%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Uruguay</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt">25%</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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="vertical-align: bottom; width: 68%; text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Deferred income tax asset to be recovered after more than 12 months</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">96,822</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">88,466</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Deferred income tax asset to be recovered within 12 months</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">17,504</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">36,569</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Deferred income tax assets</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>114,326</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>125,035</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><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"><FONT STYLE="font-size: 10pt">Deferred income tax liability
        to be settled after more than 12 months</FONT></P></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(86,573)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(68,102)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Deferred income tax liability to be settled within 12 months</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,856)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,825)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Deferred income tax liability</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(90,429)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(71,927)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Deferred income tax assets, net</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>23,897</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>53,108</B></FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="vertical-align: bottom; width: 54%; text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Beginning of year</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">53,108</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">2,437</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(9,255)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Exchange differences</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">10,953</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(8,552)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,954</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Tax (charge) benefit relating to cash flow hedge (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(52,282)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">49,106</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">14,149</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Income tax (expense) / benefit</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">12,118</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">10,117</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(10,411)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>End of year</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>23,897</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>53,108</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>2,437</B></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">(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>


<!-- Field: Page; Sequence: 34; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Deferred&nbsp;income&nbsp;tax</B><BR>
    <B>liabilities</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Property,</B><BR>
    <B>plant&nbsp;and</B><BR>
    <B>equipment</B></FONT></TD>
    <TD STYLE="width: 2%; layout-grid-mode: line; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Biological</B><BR>
    <B>assets</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Others</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>At January 1, 2014</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>77,038</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>11,152</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>14,425</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>102,615</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Charged/(credited) to the statement of income</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(6,446)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">3,469</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">6,014</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>3,037</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Exchange differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(16,367)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,137)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,936)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(21,440)</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>At December 31, 2014</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>54,225</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>12,484</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>17,503</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>84,212</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">(Credited)/charged to the statement of income</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">22,310</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">8,260</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(12,460)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>18,110</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Exchange differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(20,571)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(4,781)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(5,043)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(30,395)</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>At December 31, 2015</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>55,964</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>15,963</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>71,927</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">(Credited) /charged to the statement of income</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">3,380</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,752)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">16,787</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">17,415</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Exchange differences</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(512)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">911</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">688</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,087</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>At December 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>58,832</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>14,122</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>17,475</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>90,429</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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="width: 29%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 0; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Deferred&nbsp;income&nbsp;tax</B><BR>
    <B>assets</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Provisions</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 2.8pt; padding-left: 2.8pt; layout-grid-mode: line; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Tax&nbsp;loss</B><BR>
    <B>Carry</B><BR>
    <B>forwards</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Equity-settled</B><BR>
    <B>share-based</B><BR>
    <B>compensation</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Biological</B><BR>
    <B>Assets</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Others</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>At January 1, 2014</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; font-size: 9.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5,827</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>69,620</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>6,417</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>4,874</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>6,622</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>93,360</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Charged/(credited) to the statement of income</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; font-size: 9.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,745)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(2,636)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(522)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(1,568)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">1,097</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(7,374)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Tax charge relating to cash flow hedge</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; font-size: 9.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">14,149</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">14,149</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Exchange differences</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; font-size: 9.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(313)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(12,780)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">507</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(900)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(13,486)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>At December 31, 2014</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; font-size: 9.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,769</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>68,353</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>5,895</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>3,813</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>6,819</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>86,649</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Charged/(credited) to the statement of income</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">770</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">24,541</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(275)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(1,293)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">4,484</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">28,227</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Tax charge relating to cash flow hedge</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; font-size: 9.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">49,106</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">49,106</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Exchange differences</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(750)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(34,809)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(793)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(2,595)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(38,947)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>At December 31, 2015</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,789</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>107,191</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,620</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,727</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>8,708</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>125,035</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Charged/(credited) to the statement of income</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">353</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">31,074</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(2,063)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">149</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">29,533</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Tax charge relating to cash flow hedge</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; font-size: 9.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(52,282)</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">(52,282)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Exchange differences</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">289</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">11,135</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">336</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">280</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt">12,040</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.8pt; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>At December 31,
    2016</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; font-size: 12pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>2,431</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>97,118</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>5,640</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>9,137</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>114,326</B></FONT></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>


<!-- Field: Page; Sequence: 35; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD NOWRAP STYLE="width: 34%; border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Jurisdiction</B></FONT></TD>
    <TD NOWRAP STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 28%; border-bottom: Black 1pt solid; text-align: center"><B>Tax loss carry forward</B></TD>
    <TD NOWRAP STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center"><B>Expiration Period</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Argentina</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 7pt">62,480</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">5 years</TD></TR>
<TR STYLE="background-color: White">
    <TD>Brazil</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 7pt">219,840</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">No expiration date.</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Uruguay</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 7pt">1,773</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%; text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Tax calculated at the tax rates applicable to profits in the respective countries</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,644)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">3,842</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(7,804)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Non-deductible items</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(3,304)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(133)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(441)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Non-deductible items &ndash; changes in estimates on previous year</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(1,182)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Tax losses where no deferred tax asset was recognized</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(569)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(317)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,383)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Non-taxable income</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">4,625</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">199</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Others</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(688)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(63)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(106)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Income tax (expense) / benefit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(9,387)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>7,954</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(10,535)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%; text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Profit/(Loss) from operations attributable to equity holders of the Group</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">2,039</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(5,593)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">11,116</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Weighted average number of shares in issue (thousands)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">121,421</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">120,901</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 10pt">120,562</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Basic earnings / (loss) per share from operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>0.017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(0.046)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>0.092</B></FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%; text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Profit / (Loss) from operations attributable to equity holders of the Group</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">2,039</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(5,593)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">11,116</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Weighted average number of shares in issue (thousands)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">121,421</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">120,901</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">120,562</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Adjustments for:</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">- Employee share options and restricted units (thousands)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,695</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,445</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,055</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Weighted average number of shares for diluted earnings per share (thousands)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">123,116</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">122,346</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">121,617</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Diluted earnings / (loss) per share from operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>0.017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(0.046)-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-bottom: 2.5pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>0.091</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>12.</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment</B></TD></TR></TABLE>

<P STYLE="font: 5pt 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: 0pt 0; 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>
    <TD NOWRAP STYLE="vertical-align: middle; width: 36%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Farmlands</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Farmland</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>improvements</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Buildings and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>facilities</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Machinery,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>equipment,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>furniture and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>fittings</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Bearer plants</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Others</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Work in</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>progress</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>At January 1, 2015</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&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: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Cost</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">174,420</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">13,855</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">284,994</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">541,400</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">259,193</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">12,743</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">120,176</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,406,781</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Accumulated depreciation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(8,454)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(90,223)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(263,814)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(44,517)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(8,192)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(415,200)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Net book amount</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>174,420</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>5,401</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>194,771</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>277,586</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>214,676</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>4,551</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>120,176</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>991,581</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>Year ended December 31, 2015</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Opening net book amount</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">174,420</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">5,401</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">194,771</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">277,586</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">214,676</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">4,551</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">120,176</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">991,581</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Exchange differences</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(56,498)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,588)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(70,454)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(106,957)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(68,889)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,829)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(22,824)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(329,039)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Additions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">48</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">11,666</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">47,926</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">44,018</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,302</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">45,513</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">151,473</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Reclassification to investment property (Note 13)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(580)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(580)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Transfers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">430</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,574</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">43,879</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">68,136</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">392</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(115,411)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Disposals</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(3,245)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,564)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,728)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(64)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(6,601)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Reclassification to non-income tax credits (*)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,048)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(740)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(4,341)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(6,129)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Depreciation (Note 6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,294)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(9,782)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(58,174)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(33,134)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,432)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(103,816)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Closing net book amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>114,527</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>5,141</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>167,468</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>226,049</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>156,671</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>3,920</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>23,113</B></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>696,889</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 38; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"></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 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: 36%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Farmlands</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Farmland</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>improvements</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; padding-left: 0; text-indent: 0; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Buildings and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>facilities</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Machinery, </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>equipment, </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>furniture and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>fittings</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Bearer plants</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Others</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Work in</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>progress</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>At December 31, 2015</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Cost</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">114,527</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">14,889</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">267,473</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">548,037</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">234,322</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">13,544</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">23,113</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">1,215,905</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Accumulated depreciation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(9,748)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(100,005)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(321,988)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(77,651)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(9,624)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(519,016)</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Net book amount</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">114,527</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">5,141</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">167,468</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">226,049</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">156,671</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">3,920</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">23,113</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">696,889</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>Year ended December 31, 2016</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Opening net book amount</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">114,527</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">5,141</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">167,468</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">226,049</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">156,671</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">3,920</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">23,113</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">696,889</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Exchange differences</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(6,004)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(838)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">26,675</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">46,053</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">33,169</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">103</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">(924)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">98,234</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Additions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,420</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">36,190</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">74,175</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">1,484</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">19,454</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">138,723</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Reclassification to investment property (Note 13)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,335</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0; text-align: right; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">1,335</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Transfers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6,856</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6,491</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">6,608</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">8</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">(19,963)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Disposals</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,078)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">(3,125)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">(72)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">(4,275)</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Reclassification to non-income tax credits (*)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,233)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">(227)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">(39)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">(1,499)</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Depreciation (Note 6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,519)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(15,688)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(60,238)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(47,846)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(1,508)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(126,799)</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Closing net book amount</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>109,858</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>9,640</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>190,055</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>251,310</B></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>216,169</B></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>3,935</B></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>21,641</B></TD>
    <TD STYLE="text-align: right; padding-right: 6pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>802,608</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>At December31, 2016</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Cost</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">109,858</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">20,907</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">305,748</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">633,536</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">341,666</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">15,067</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">21,641</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">1,448,423</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Accumulated depreciation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(11,267)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt">&nbsp;(115,693)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(382,226)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(125,497)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(11,132)</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(645,815)</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>Net book amount</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>109,858</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>9,640</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-left: 0; text-indent: 0; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>190,055</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>251,310</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>216,169</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>3,935</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>21,641</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>802,608</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt 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; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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: 60%; border-collapse: collapse">
<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 54%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Beginning of the year</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">4,796</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">6,675</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Reclassification (to)/from property, plant and equipment (i)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">(1,335)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">580</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Exchange difference</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(795)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(2,459)</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><B>End of the year</B></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>2,666</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>4,796</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Cost</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">2,666</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">4,796</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Accumulated depreciation</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>-</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">-</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Net book amount</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>2,666</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>4,796</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">(i) 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 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 40; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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>

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 40%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Goodwill</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Trademarks </B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Software</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Others</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><B>At January 1,2015</B></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD>Cost</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">20,172</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">2,498</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">3,910</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">142</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">26,722</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Accumulated amortization</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(1,539)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(1,276)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(129)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(2,944)</TD></TR>
<TR STYLE="background-color: White">
    <TD>Net book amount</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>20,172</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>959</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>2,634</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>13</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>23,778</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><B>Year ended December 31, 2015</B></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD>Opening net book amount</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">20,172</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">959</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">2,634</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">13</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">23,778</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Exchange differences</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(6,662)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(29)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(1,026)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(18)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(7,735)</TD></TR>
<TR STYLE="background-color: White">
    <TD>Additions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">1,160</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">43</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">1,203</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Amortization charge (i)</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(568)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(17)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(585)</TD></TR>
<TR STYLE="background-color: White">
    <TD><B>Closing net book amount</B></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>13,510</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>930</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>2,200</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>21</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>16,661</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><B>At December 31, 2015</B></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD>Cost</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">13,510</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">2,469</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">4,044</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">167</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">20,190</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Accumulated amortization</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(1,539)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(1,844)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(146)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(3,529)</TD></TR>
<TR STYLE="background-color: White">
    <TD>Net book amount</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>13,510</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>930</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>2,200</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>21</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>16,661</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><B>Year ended December 31, 2016</B></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD>Opening net book amount</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">13,510</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">930</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">2,200</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">21</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">16,661</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Exchange differences</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(105)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(8)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">186</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">1</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">74</TD></TR>
<TR STYLE="background-color: White">
    <TD>Additions</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">1,176</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">42</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">1,218</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Amortization charge (i)</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(661)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(40)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(701)</TD></TR>
<TR STYLE="background-color: White">
    <TD><B>Closing net book amount</B></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>13,405</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>922</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>2,901</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>24</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>17,252</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><B>At December 31, 2016</B></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD>Cost</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">13,405</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">2,461</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">5,406</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">210</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">21,482</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Accumulated amortization</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(1,539)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(2,505)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(186)</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">(4,230)</TD></TR>
<TR STYLE="background-color: White">
    <TD>Net book amount</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>13,405</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>922</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>2,901</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>24</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; padding-left: 0; text-indent: 0"><B>17,252</B></TD></TR>
</TABLE>
<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: 0.25in"></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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"></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 30%; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Crops</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ii)</B></P></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rice</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ii)</B></P></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>All other <BR>
segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sugarcane</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ii)</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>Beginning of the year</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>22,536</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>23,131</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>6,786</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>288</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>59,077</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>111,818</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Increase due to purchases</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,713</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,713</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Initial recognition and changes in fair value of biological assets (i)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">48,790</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">10,498</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">5,476</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(13)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">60,705</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">125,456</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Decrease due to harvest / disposals</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(110,252)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(38,508)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(27,946)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(141,645)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(318,351)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Costs incurred during the year</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">68,607</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">33,839</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">23,885</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">558</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">91,235</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">218,124</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Exchange differences</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,492)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(3,385)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,374)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(113)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">13,008</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6,644</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>End of the year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>28,189</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>25,575</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>6,827</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>2,433</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>82,380</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>145,404</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</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="text-align: left">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 30%; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Crops</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ii)</B></P></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rice</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ii)</B></P></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>All other <BR>
segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sugarcane</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(ii)</B></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>Beginning of the year</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>31,011</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>23,875</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>9,183</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>60,667</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>124,736</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Increase due to purchases</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">306</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">306</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Initial recognition and changes in fair value of biological assets (i)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">11,561</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,822</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,542</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(181)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">32,784</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">54,528</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Decrease due to harvest / disposals</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(93,536)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(39,488)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(31,563)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(81,108)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(245,695)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Costs incurred during the year</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">81,725</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">44,024</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">25,120</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">253</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">67,460</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">218,582</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Exchange differences</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(8,225)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(8,102)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(3,496)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(90)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(20,726)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(40,639)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>End of the year</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>22,536</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>23,131</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>6,786</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>288</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>59,077</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>111,818</B></FONT></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;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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>15.</B></TD><TD><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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: middle; width: 42%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>All other </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sugar, Ethanol</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>and Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,786</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">5,820</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,849</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">214</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">12,610</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>26,279</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">395</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">5,880</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>6,275</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Fertilizers, agrochemicals and seeds</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">24,774</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">8,047</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">80</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">24,087</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>56,988</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">971</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,527</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">772</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,385</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>6,672</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,253</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">2,811</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,787</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">92</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">2,519</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>8,462</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Freights</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,421</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">479</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">127</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>2,046</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">23,769</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">13,248</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">2,651</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>39,668</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Feeding expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">9,053</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>9,074</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,624</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">69</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>1,693</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">119</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">853</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">492</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>1,464</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">131</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">85</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">169</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">145</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>530</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,561</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">131</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">100</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">116</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>1,916</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Lease expense and similar arrangements</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">6,965</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">97</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">38,555</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>45,625</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,462</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">741</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">563</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">26</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,287</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>6,079</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>68,607</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>33,839</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>18,532</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>558</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>91,235</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>212,771</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Own agricultural produce consumed</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">5,353</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>5,353</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>68,607</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>33,839</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>23,885</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>558</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>91,235</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>218,124</B></FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: middle; width: 42%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>All other</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sugar,</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Ethanol and</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: middle; width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">4,573</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">7,729</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">4,765</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">8,578</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>25,651</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">461</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">4,711</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>5,183</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Fertilizers, agrochemicals and seeds</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">30,639</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">10,370</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">16,519</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>57,528</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,645</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">2,783</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">908</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">2,588</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>7,936</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">973</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,610</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,972</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">55</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,401</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>8,011</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Freights</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">616</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,063</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">125</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>1,819</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">27,364</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">16,512</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">2,823</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>46,699</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Feeding expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">9,742</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>9,744</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,913</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">38</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>1,951</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">149</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">608</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">423</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>1,180</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">155</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">215</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">386</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">58</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>817</B></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 STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">1,534</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">146</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">122</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">50</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>1,868</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Lease expense and similar arrangements</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">10,459</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">358</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">30,035</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>40,854</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">3,157</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">619</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">422</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">697</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>4,895</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>81,725</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>44,024</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>20,674</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>253</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>67,460</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>214,136</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Own agricultural produce consumed</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">4,446</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>4,446</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>81,725</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>44,024</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>25,120</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>253</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>67,460</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 8pt"><B>218,582</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 43; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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-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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 60%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left"><B>Non-current</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">Cattle for dairy production (i)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">6,584</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">6,460</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left">Breeding cattle (ii)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">1,533</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">Other cattle (ii)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">399</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">16</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>8,516</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>6,476</B></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left"><B>Current</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left">Breeding cattle (iii)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">501</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">Other cattle (iii)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">243</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">598</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left">Sown land &ndash; crops (ii)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">28,189</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">22,536</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">Sown land &ndash; rice (ii)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">25,575</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">23,131</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left">Sown land &ndash; sugarcane (ii)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">82,380</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">59,077</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>136,888</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>105,342</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left"><B>Total biological assets</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>145,404</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>111,818</B></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" 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"></TD><TD STYLE="width: 21.3pt; text-align: left">(ii)</TD><TD>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">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt; text-align: left">(iii)</TD><TD>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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 1</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 2</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 3</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 1</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 2</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 3</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Cattle for dairy production</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6,584</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6,584</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6,460</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6,460</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Breeding cattle</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,034</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,034</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Other cattle</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">642</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">642</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">614</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">614</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Sown land &ndash; sugarcane</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">82,380</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">82,380</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">59,077</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">59,077</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Sown land &ndash; crops</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">28,189</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">28,189</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">22,536</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">22,536</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Sown land &ndash; rice</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">25,575</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">25,575</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">23,131</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">23,131</FONT></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">There were no transfers between any levels
during the year.</P>

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


<!-- Field: Page; Sequence: 44; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Description</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Unobservable</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>inputs</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 9pt"><B>Range of unobservable inputs</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Relationship of unobservable</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>inputs to fair value</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Sown land &ndash; sugarcane</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Sugarcane yield &ndash; tonnes per hectare; Sugarcane TRS (kg
        of sugar per ton of cane) Production Costs &ndash; US$ per hectare. (Include maintenance, harvest and leasing costs)</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Sugarcane yield: 60-100 tn/ha</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Sugarcane TRS: 120-140 kg of sugar/ton of cane</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Maintenance costs: 500-600 US$/ha</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Harvest costs: 9.0 -14.0 US$/ton of cane</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Leasing costs: 12.0-14.4 tn/ha</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Sugarcane yield: 60-90 tn/ha</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Sugarcane TRS: 130-140 kg of sugar/ton of cane</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Maintenance costs: 440-530 US$/ha</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Harvest costs: 7.0 -10.0 US$/ton of cane</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Leasing costs: 12.0-14.4 tn/ha</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">The higher the sugarcane yield, the higher the fair value. The
        higher the maintenance, harvest and leasing costs per hectare, the lower the fair value. The higher the TRS of sugarcane, the higher
        the fair value.</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Sown land &ndash; crops</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Crops yield &ndash; tonnes per hectare; Commercial Costs &ndash;
        usd per hectare;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Production Costs &ndash; US$ per hectare.</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">- 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</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">- 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</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">The higher the crops yield, the higher the fair value. The higher
        the commercial and direct costs per hectare, the lower the fair value.</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Sown land &ndash; rice</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Rice yield &ndash; tonnes per hectare;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Commercial Costs &ndash; usd per hectare;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Production Costs &ndash; US$ per hectare.</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">-Rice yield: 5.1 -6.1 tn/ha</FONT><BR>
<FONT STYLE="font-size: 9pt">-Commercial Costs: 8-15 US$/ha</FONT><BR>
<FONT STYLE="font-size: 9pt">-Production Costs: 750-1,000 US$/ha</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">-Rice yield: 4.4 -6.8 tn/ha<BR>
        -Commercial Costs: 6-15 US$/ha<BR>
        -Production Costs: 705-1,150 US$/ha</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">The higher the rice yield, the higher the fair value. The higher
        the commercial and direct costs per hectare, the lower the fair value.</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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>


<!-- Field: Page; Sequence: 45; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>%&nbsp;of&nbsp;ownership&nbsp;interest&nbsp;held</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 19%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><B>Name&nbsp;of&nbsp;the&nbsp;entity</B></TD>
    <TD NOWRAP STYLE="width: 31%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><B>Country&nbsp;of</B><BR>
<B>incorporation&nbsp;and<BR>
operation</B></TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><B>December&nbsp;31,</B><BR>
<B>2016</B></TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><B>December&nbsp;31,</B><BR>
<B>2015</B></TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><B>December&nbsp;31,</B><BR>
<B>2014</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">CHS AGRO S.A. </TD>
    <TD STYLE="text-align: center">Argentina</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">50&nbsp;%</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">50&nbsp;%</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">50&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">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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>At the beginning of the year</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">2,752</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Share of loss</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,685)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Exchange differences</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(67)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><B>At the end of the year</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>-</B></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: 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><B>Assets:</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Non-current assets</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">17,185</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">17,592</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Current assets</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">9316</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">11,179</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>26,501</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>28,771</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><B>Liabilities:</B></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Non-current liabilities</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">22,000</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">22,207</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-size: 12pt"><FONT STYLE="font-size: 10pt">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">15,273</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">14,341</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>37,273</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>36,548</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><B>Net assets of joint venture</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(10,772)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(7,777)</B></FONT></TD>
    </TR>
</TABLE>
<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: 90%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>2014</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Income</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">9,390</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">14,201</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Expenses</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(16,048)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(22,934)</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(1,848)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><B>Loss before income tax</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(6,658)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(8,733)</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>(1,848)</B></FONT></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>


<!-- Field: Page; Sequence: 46; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 5pt 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 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: 26%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Loans&nbsp;and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>receivables</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Assets&nbsp;at&nbsp;fair</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>value&nbsp;through</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>profit&nbsp;or&nbsp;loss</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Subtotal</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>assets</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Non-</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>assets</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>December 31,2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Assets as per statement of financial position</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Trade and other receivables</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">79,964</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">79,964</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">94,976</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">174,940</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">3,398</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">3,398</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">3,398</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">158,568</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">158,568</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">158,568</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>238,532</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>3,398</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>241,930</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>94,976</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>336,906</B></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>

<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: 26%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-indent: 0in; font-size: 11pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Liabilities&nbsp;at</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>fair&nbsp;value</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>through&nbsp;profit</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>or&nbsp;loss</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Other&nbsp;financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>liabilities&nbsp;at</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>amortized&nbsp;cost</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Subtotal</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Non-</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Liabilities as per statement of financial position</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Trade and other payables</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">31,424</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">49,718</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">81,142</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">12,443</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">93,585</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Borrowings (excluding finance lease liabilities)(i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">635,215</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">635,215</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">635,215</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Finance leases</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">181</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">181</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">181</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Derivative financial instruments (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">7,068</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">7,068</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">7,068</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>38,492</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>685,114</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>723,606</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>12,443</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>736,049</B></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>

<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: 7.1pt"></TD><TD STYLE="width: 10pt"><FONT STYLE="font-size: 9pt">(i)</FONT></TD><TD STYLE="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 9pt">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: 9pt">currency forwards and
foreign currency floating-to-fixed interest rate swaps (see Note 2).</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>


<!-- Field: Page; Sequence: 47; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt 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>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 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: 26%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Loans&nbsp;and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>receivables</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Assets&nbsp;at&nbsp;fair</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>value&nbsp;through</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>profit&nbsp;or&nbsp;loss</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Subtotal</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial&nbsp;assets</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Non-</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>assets</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>December 31, 2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Assets as per statement of financial position</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Trade and other receivables</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">83,435</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">83,435</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">83,371</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">166,806</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">4,849</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">4,849</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">4,849</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">198,894</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">198,894</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">198,894</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>282,329</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>4,849</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>287,178</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>83,371</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>370,549</B></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: bottom">
    <TD NOWRAP STYLE="width: 26%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-indent: 0in; font-size: 11pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Liabilities&nbsp;at</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>fair&nbsp;value</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>through&nbsp;profit</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>or&nbsp;loss</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Other</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>liabilities&nbsp;at</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>amortized</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>cost</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Subtotal</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Non-</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>liabilities</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Liabilities as per statement of financial
    position</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Trade and other payables</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">19,734</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">30,354</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">50,088</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">5,554</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">55,642</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Borrowings (excluding finance lease liabilities)(i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">723,060</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">723,060</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">723,060</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Finance leases</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">279</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">279</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">279</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Derivative financial instruments (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">6,694</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">6,694</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt">6,694</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>26,428</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>753,693</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>780,121</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>5,554</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>785,675</B></FONT></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: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 9pt">(i)&nbsp;&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: 9pt">currency forwards and foreign currency floating-to-fixed interest rate swaps (see Note 2).</FONT></P>



<P STYLE="font: 9pt 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: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 9pt 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 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: 29%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Loans&nbsp;and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>receivables</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Assets/&nbsp;liabilities</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>at&nbsp;fair&nbsp;value</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>through&nbsp;profit&nbsp;or</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>loss</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Other&nbsp;financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>liabilities&nbsp;at</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>amortized&nbsp;cost</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>December 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Interest income (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,671</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,671</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Interest expense (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(39,533)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(8,665)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(48,198)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Foreign exchange gains/ (losses) (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">4,737</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(12,288)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(11,511)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(19,062)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Gain from derivative financial instruments(ii)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(21,745)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(21,745)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Net result</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(27,125)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(34,033)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(20,176)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(81,334)</B></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: bottom">
    <TD NOWRAP STYLE="width: 29%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Loans&nbsp;and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>receivables</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Assets/&nbsp;liabilities</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>at&nbsp;fair&nbsp;value</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>through&nbsp;profit&nbsp;or</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>loss</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Other&nbsp;financial</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>liabilities&nbsp;at</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>amortized&nbsp;cost</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>December 31, 2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Interest income (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,201</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,201</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Interest expense (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(42,615)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(6,876)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(49,491)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Foreign exchange gains/ (losses) (i)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,499</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(27,526)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,604</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(23,423)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Gain from derivative financial instruments(ii)</FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">17,686</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt">17,686</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Net result</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(32,915)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(9,840)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(4,272)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; text-indent: 0; font-size: 11pt; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(47,027)</B></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: 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 0.75in; text-indent: -0.5in">&nbsp;</P>


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; 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>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>


<!-- Field: Page; Sequence: 50; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 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>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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 39%; padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 8%; padding-right: 2.55pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.55pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%; border-top: Black 1pt solid; padding-right: 2.55pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.55pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%; border-top: Black 1pt solid; padding-right: 2.55pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.55pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.55pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 2.55pt"><FONT STYLE="font-size: 9pt"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.55pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.55pt"><FONT STYLE="font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 2.55pt; text-align: center"><FONT STYLE="font-size: 9pt">2016</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">2,789</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">609</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">3,398</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.55pt"><FONT STYLE="font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 2.55pt; text-align: center"><FONT STYLE="font-size: 9pt">2015</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">4,849</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">4,849</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.55pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.55pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.55pt"><FONT STYLE="font-size: 9pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 2.55pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 2.55pt"><FONT STYLE="font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 2.55pt; text-align: center"><FONT STYLE="font-size: 9pt">2016</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">(1,196)</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">(5,872)</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">(7,068)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2.55pt"><FONT STYLE="font-size: 9pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 2.55pt; text-align: center"><FONT STYLE="font-size: 9pt">2015</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">(4,326)</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">(2,368)</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 9pt">(6,694)</FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 15%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Class</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 2.3pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Pricing Method</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Parameters</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Pricing Model</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 11%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Level</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: -11.65pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: -11.65pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Futures</FONT></TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Quoted price</FONT></TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 9pt">(443)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Options</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Quoted price</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 9pt">2,036</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">NDF</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 9pt">(5,210)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Foreign-currency interest-rate swaps</FONT></TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Theoretical price</FONT></TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Swap curve;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Money market interest-rate curve;</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign-exchange curve.</P></TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Present value method</FONT></TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 9pt">(53)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: -11.6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 6pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 9pt"><B>(3,670)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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>

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 2.85pt; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 3%; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 2.85pt; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 9pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,802</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,764</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt"><B>Trade receivables</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,802</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,764</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Advances to suppliers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,930</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,476</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Income tax credits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,472</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6,428</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Non-income tax credits (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,853</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,914</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-size: 9pt">Judicial deposits</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">3,280</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,105</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Other receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,075</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,108</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Non-current portion</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>17,412</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>21,795</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Trade receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">61,546</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">55,846</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Receivables from related parties (Note 31)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,114</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,204</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Less: Allowance for trade receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(643)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(481)</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt"><B>Trade receivables &ndash; net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>69,017</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>63,569</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Prepaid expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,302</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">3,914</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Advances to suppliers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">21,451</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">12,182</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Income tax credits</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,116</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">5,438</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Non-income tax credits (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">43,572</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">42,914</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Cash collateral</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">3,546</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Receivables from related parties (Note 31)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">172</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">300</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Receivable from disposal of subsidiaries (Note 21)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,997</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-left: 9pt"><FONT STYLE="font-size: 9pt">Other receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">4,352</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">13,691</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>88,511</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>81,442</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Current portion</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>157,528</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>145,011</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Total trade and other receivables, net</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>174,940</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>166,806</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 8pt 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>


<!-- Field: Page; Sequence: 52; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-right: 2.85pt; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 3%; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 2.85pt; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><B>Currency</B></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">54,012</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">30,191</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Argentine Peso</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">45,641</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">36,210</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Uruguayan Peso</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">762</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">566</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">74,525</TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">99,839</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>174,940</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>166,806</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">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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 2%; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2015</B></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2014</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><B>At January 1</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>481</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><B>527</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; text-align: right"><B>545</B></TD></TR>
<TR STYLE="background-color: White">
    <TD>Charge of the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">387</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">152</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; text-align: right">192</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Unused amounts reversed</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">(178)</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">(27)</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; text-align: right">(83)</TD></TR>
<TR STYLE="background-color: White">
    <TD>Used during the year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">(7)</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; text-align: right">-</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Exchange differences</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(47)</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">(164)</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 6pt; text-align: right">(127)</TD></TR>
<TR STYLE="background-color: White">
    <TD><B>At December 31</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>643</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>481</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 6pt; text-align: right"><B>527</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-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>


<!-- Field: Page; Sequence: 53; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 3%; padding-right: 2.85pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2015 (*)</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Raw materials</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">42,108</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">35,740</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Finished goods (Note 5)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">68,191</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">47,624</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Stocks held by third parties</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">1,308</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">1,643</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Others</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">147</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">279</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>111,754</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>85,286</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">(*)&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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 61%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 3%; padding-right: 2.85pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>Cash at bank and on hand</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">130,001</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt">185,864</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD>Short-term bank deposits</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">28,567</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">13,030</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>158,568</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>198,894</B></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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 54; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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>


<!-- Field: Page; Sequence: 55; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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>

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 55%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Number of shares</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 21%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Share capital and </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>share premium</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>At January 1 2014</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>&nbsp;122,382 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,122,645 </B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Employee share options exercised (Note 23) (1)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">955</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Restricted shares and units vested (Note 23)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">3,444</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Purchase of own shares</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(10,427)</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>At 31 December 2014</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>122,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,116,617</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Employee share options exercised (Note 23) (1)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">1,786</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Restricted shares and units vested (Note 23)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">3,103</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Purchase of own shares</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(259)</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>At 31 December 2015</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>122,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,121,247</B></FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Employee share options exercised (Note 23) (1)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">438</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Restricted shares units vested (Note 23)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">3,225</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Purchase of own shares</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(4,087)</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>At 31 December 2016</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>122,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,120,823</B></FONT></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: 9pt 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>


<!-- Field: Page; Sequence: 56; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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>

<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">
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Average</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>exercise</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>price&nbsp;per</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>share</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Options</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Average</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>exercise</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>price&nbsp;per&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Share</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Options</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Average</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>exercise</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>price&nbsp;per&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Share</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Options</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">At January 1</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6.67</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,696</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6.71</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,916</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6.67</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,061</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">Forfeited</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">5.83</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(9)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8.62</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(5)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">Exercised</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">6.96</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(55)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7.11</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(211)</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">5.83</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(140)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP><FONT STYLE="font-size: 9pt"><B>At December 31</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>6.66</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,641</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>6.67</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,696</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>6.71</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,916</B></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: 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 CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Exercise </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>price per </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>share</B></FONT></TD>
    <TD COLSPAN="4" NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Shares (in thousands)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: justify"><FONT STYLE="font-size: 9pt">Expiry date (i):</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">May 1, 2024</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">5.83</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">570</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">570</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">570</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">May 1, 2025</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">5.83</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">481</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">508</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">543</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">May 1, 2026</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">5.83</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">46</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">50</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">136</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">February 16, 2026</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">7.11</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">103</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">103</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">110</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">October 1, 2026</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">8.62</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">441</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">465</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; text-align: right; text-indent: 0; font-size: 11pt; padding-left: 0"><FONT STYLE="font-size: 9pt">557</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></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>


<!-- Field: Page; Sequence: 57; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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 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="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD>
    </TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; width: 10%"><FONT STYLE="font-size: 9pt"><B>Average</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>exercise</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>price&nbsp;per</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>share</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; width: 10%"><FONT STYLE="font-size: 9pt"><B>Options</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 9pt"><B>Average</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>exercise</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>price&nbsp;per&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>share</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 9pt"><B>Options</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; width: 12%"><FONT STYLE="font-size: 9pt"><B>Average</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>exercise</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>price&nbsp;per</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>share</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; width: 11%"><FONT STYLE="font-size: 9pt"><B>Options</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">At January 1</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">13.07</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">1,701</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">13.07</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">1,729</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">13.07</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">1,751</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD NOWRAP><FONT STYLE="font-size: 9pt">Forfeited</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">12.98</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">(43)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">13.01</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">(28)</FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">13.40</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">(22)</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD NOWRAP><FONT STYLE="font-size: 9pt"><B>At December 31</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>13.07</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,658</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>13.07</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,701</B></FONT></TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>13.07</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: black 1pt solid; border-bottom: black 2.25pt double; padding-right: 6pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,729</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; 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Exercise </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>price per </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>share</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Shares (in thousands)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2.85pt; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Expiry date:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD STYLE="padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD STYLE="padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">From Nov 13, 2017 to Aug 25, 2018</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">12.82</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">908</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">937</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">957</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Jan 30, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">595</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">608</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">617</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Jun 1, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">12.82</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">3</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">3</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">Nov 1, 2019</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">11</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">11</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">11</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">From Jan 30, 2020 to Sep 1, 2020</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">13.40</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">110</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">110</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">110</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 9pt">From Jan 30, 2020 to Sep 1, 2020</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">12.82</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">31</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">31</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.85pt; text-align: right; text-indent: 0in; font-size: 11pt"><FONT STYLE="font-size: 9pt">31</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&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"><B>&nbsp;</B></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 CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 56%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 44%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Exercisable shares </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>in thousands</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">2016</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,299</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">2015</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,397</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">2014</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,645</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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 CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 72%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Grant&nbsp;Date</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Apr&nbsp;1,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>May&nbsp;15,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Apr&nbsp;1,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>May&nbsp;15,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Apr&nbsp;1,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>May&nbsp;15,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="padding-right: 3.9pt"><FONT STYLE="font-size: 9pt">Fair value</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.92</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.72</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.45</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.12</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.63</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.52</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 3.9pt 0pt 0">Possibility of ceasing employment</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 3.9pt 0pt 0">before vesting</P></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5%</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">0%</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5%</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">0%</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5%</FONT></TD>
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">0%</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 CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Restricted</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>stock units</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Restricted</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>stock units</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Restricted</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>shares</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Restricted</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>stock units</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(thousands)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">At January 1</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,018</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">861</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">109</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">699</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Granted (1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">464</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">626</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">480</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Forfeited</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(29)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(37)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(21)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">Vested</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(453)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(432)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(106)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(297)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>At December 31</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,000</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,018</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>861</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt 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>


<!-- Field: Page; Sequence: 59; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 14pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; padding: 0; text-align: left; font-size: 12pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><B>2016</B></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; padding: 0; text-indent: 0"><B>Non-current</B></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Payable from acquisition of property, plant and equipment (i)</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">1,042</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">1,563</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Other payables</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">385</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">348</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; text-indent: 0"><B>1,427</B></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; text-indent: 0"><B>1,911</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><B>Current</B></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Trade payables</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">77,325</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">47,035</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Advances from customers</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">7,758</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">2,838</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Amounts due to related parties (Note 31)</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">1,152</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">465</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Taxes payable</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">4,685</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">2,716</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Other payables</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">1,238</FONT></TD>
    <TD STYLE="text-align: center; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">677</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>92,158</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>53,731</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0"><B>Total trade and other payables</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>93,585</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>55,642</B></FONT></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>


<!-- Field: Page; Sequence: 60; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 14pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; text-align: justify; font-size: 12pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><B>2016</B></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding: 0; text-align: center; text-indent: 0"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify; padding: 0; text-indent: 0"><B>Non-current</B></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding: 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Bank borrowings</TD>
    <TD STYLE="text-align: right; padding: 0 6pt 0 0; text-indent: 0">430,202</TD>
    <TD STYLE="text-align: right; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0 6pt 0 0; text-indent: 0">483,583</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Obligations under finance leases</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt">102</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">68</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>430,304</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>483,651</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify; padding: 0; text-indent: 0"><B>Current</B></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Bank overdrafts</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">90</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Bank borrowings</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">204,923</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">239,468</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">Obligations under finance leases</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt">79</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0"><FONT STYLE="font-size: 10pt">211</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>205,092</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>239,688</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding: 0; text-indent: 0"><B>Total borrowings</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>635,396</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding: 0 6pt 0 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0 6pt 0 0; text-align: right; font-size: 12pt; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>723,339</B></FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 83%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify"><B>Fixed rate:</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Less than 1 year</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">67,682</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">89,918</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Between 1 and 2 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">43,630</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">31,096</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Between 2 and 3 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">40,047</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">30,197</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Between 3 and 4 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,857</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">22,497</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Between 4 and 5 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,116</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,779</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">More than 5 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,239</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">34,492</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>214,571</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>226,979</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify"><B>Variable rate:</B></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Less than 1 year</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">137,331</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">149,559</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Between 1 and 2 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">150,517</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">109,488</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Between 2 and 3 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">81,947</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">102,351</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Between 3 and 4 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,457</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">79,341</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">Between 4 and 5 years</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,309</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,233</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: justify">More than 5 years</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,083</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,109</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>420,644</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>496,081</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>635,215</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>723,060</B></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: 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>


<!-- Field: Page; Sequence: 61; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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>

<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 STYLE="background-color: white">
    <TD NOWRAP ROWSPAN="3" STYLE="border: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><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; padding: 3pt 3.5pt; text-align: center"><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; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Nominal </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><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: 3pt 3.5pt; text-align: center"><FONT STYLE="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; padding: 3pt 3.5pt; text-align: center"><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; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><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: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><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: 3pt 3.5pt; text-align: center"><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; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Millions of </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Reais</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Millions of </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>equivalent </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Dollars</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Millions of </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>equivalent </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Dollars</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="width: 19%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">Banco Do Brasil (1)</FONT></TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">October 2012</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">R$ 130.0</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">R$ 109.9</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">33.7</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">32.9</FONT></TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">November 2022</FONT></TD>
    <TD STYLE="width: 26%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">Itau BBA FINAME Loan (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">December 2012</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">R$ 45.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">R$ 30.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">9.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">9.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">December 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">2.50%</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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">Itau BBA (3)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">March 2013</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">R$ 75.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">R$ 18.8</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">5.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">9.3</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">March 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">September 2013</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">R$ 273.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">R$ 219.4</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">67.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">66.7</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">January 2023</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">6.87%</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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">BNDES Finem Loan (5)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">November 2013</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">R$ 215.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;R$ 163.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">50.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">48.9</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">January 2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">January 2015</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 160.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">98.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">160.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">December 2018</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">LIBOR 3M plus 4.40%</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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">ING / Rabobank / Bladex / Credit Agricole / Votorantim / ABN (7)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">August 2015</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 110.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">110.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">110.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">December 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">Rabobank (8)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">February 2016</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 40.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">40.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">March 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">LIBOR 3M plus 3.50%</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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">Tokyo-Mitsubishi (9)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">August 2016</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 30.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">30.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">August 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">Bradesco (10)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">July 2016</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">R$ 90.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;R$ 90.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">27.6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">May 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">CDI + 2.10%</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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">Votorantim (11)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">July 2016</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 15.0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">15.0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">June 2019</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">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"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">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>

<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-size: 8pt">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">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: 0pt; margin-bottom: 0pt"><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: 7pt">Collateralized by (i) power sales contract and (ii) sales contracts.</FONT></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 62; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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 STYLE="background-color: white">
    <TD NOWRAP ROWSPAN="3" STYLE="border: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><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; padding: 3pt 3.5pt; text-align: center"><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; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Nominal </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><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: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital outstanding as of </B></FONT><BR>
<FONT STYLE="font-size: 8pt"><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: 3pt 3.5pt; text-align: center"><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; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Annual Interest Rate</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2016</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><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: 3pt 3.5pt; text-align: center"><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; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>(In millions)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">IDB Tranche A (1)</FONT></TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">Feb-09</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">US$ 20</FONT></TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">US$ 6.15</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">US$ 8.7</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">Nov-18</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">IFC Tranche A (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">Dic-16</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 25</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 25.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">Sep-21</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">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: 3pt 3.5pt"><FONT STYLE="font-size: 9pt">IFC Tranche B (2)</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">Dic-16</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 25</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">US$ 25.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">Sep-23</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 3.5pt; text-align: center"><FONT STYLE="font-size: 9pt">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: 8pt 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: 8pt 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 14pt">
<TR>
    <TD STYLE="vertical-align: bottom; width: 62%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; text-align: justify">Currency</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; text-align: justify">US Dollar</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">437,307</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">526,710</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; text-align: justify">Brazilian Reais</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">196,903</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">193,345</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; text-align: justify">Argentine Peso</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,186</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">3,284</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>635,396</B></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>723,339</B></FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


<!-- Field: Page; Sequence: 63; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 58%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><B>Non-current</B></TD>
    <TD STYLE="text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Social security payable</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,235</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,236</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>1,235</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>1,236</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><B>Current</B></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Salaries payable</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">7,351</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">4,755</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Social security payable</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">3,063</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">2,766</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Provision for vacations</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">12,109</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">9,877</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Provision for bonuses</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">4,321</FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">4,755</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>26,844</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>22,153</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><B>Total payroll and social security liabilities</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>28,079</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>23,389</B></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>

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 33%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: -5.05pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Labor, legal and </B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>other claims</B></FONT></TD>
    <TD NOWRAP STYLE="width: 4%; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%; border-bottom: Black 1pt solid; padding-right: -2.8pt; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Onerous contracts</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><B>At January 1, 2015</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,729</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>2,737</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Additions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">1,483</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">17</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">1,500</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Used during year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(921)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(922)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Exchange differences</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(998)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(1,002)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><B>At December 31, 2015</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2,293</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>20</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>2,313</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Additions</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">3,447</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">57</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">3,504</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Used during year</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,174)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">(2,188)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">Exchange differences</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">291</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">(31)</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">260</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><B>At December 31, 2016</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 9.5pt Arial, Helvetica, Sans-Serif; padding-right: 6pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3,857</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>32</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>3,889</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; 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 58%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.15pt; text-align: justify">Non current</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">3,299</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">1,653</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.15pt; text-align: justify">Current</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">590</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">660</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>3,889</B></FONT></TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>2,313</B></FONT></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: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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 2.55pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 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 2.55pt 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 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 2.55pt 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 58%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">No later than 1 year</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">5,311</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt">5,370</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Later than 1 year and no later than 5 years</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">2,294</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">141</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>7,605</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; text-align: right; font-size: 12pt; padding-right: 6pt"><FONT STYLE="font-size: 10pt"><B>5,511</B></FONT></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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 46%; padding-right: 2.85pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 3%; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2015</B></TD>
    <TD STYLE="width: 3%; padding-right: 2.85pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 2.85pt; text-align: center"><B>2014</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Rental income</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">954</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">1,302</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">1,523</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 58%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>No later than 1 year</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">494</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt">940</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Later than 1 year and no later than 5 years</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">988</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">1,185</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>1,482</B></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 12pt; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 6pt; text-align: right; font-size: 12pt"><FONT STYLE="font-size: 10pt"><B>2,125</B></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: 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>


<!-- Field: Page; Sequence: 66; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><B>2015</B></TD>
    </TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Activities</B></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Country&nbsp;of</B><BR>
<B>incorporation</B><BR>
<B>and&nbsp;operation</B></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Ownership</B><BR>
<B>percentage</B><BR>
<B>held&nbsp;if&nbsp;not</B><BR>
<B>100&nbsp;%</B></TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Ownership</B><BR>
<B>percentage</B><BR>
<B>held&nbsp;if&nbsp;not</B><BR>
<B>100&nbsp;%</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify"><B>Details of principal subsidiary undertakings:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><B>Operating companies (unless otherwise stated):</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Adeco Agropecuaria S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Pilag&aacute; S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">99.84%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">99.84%</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Cavok S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Establecimientos El Orden S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Ba&ntilde;ado del Salado S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Agro Invest S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Forsalta S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">51%</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Dinaluca S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Simoneta S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Compa&ntilde;&iacute;a Agroforestal S.M.S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Energ&iacute;a Agro S.A.U.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Argentina</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Adeco Agropecuaria Brasil Ltda.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Adecoagro Vale do Ivinhema Ltda.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Adecoagro Commodities Ltda.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Usina Monte Alegre Ltda.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Kelizer S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Uruguay</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Agroglobal S.A. (<FONT STYLE="font-size: 9pt">f.k.a. Adecoagro Uruguay S.A.)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Uruguay</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify"><B>Holdings companies:</B></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Adeco Brasil Participa&ccedil;&otilde;es S.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">International Farmland Holdings LP</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">United States</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Adecoagro LP S.C.S.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Luxembourg</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Adecoagro GP S.a.r.l.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Luxembourg</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: justify">Ladelux S.C.A.</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Uruguay</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: justify">Spain Holding Companies</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">(c) </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">Spain</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 12pt"><FONT STYLE="font-size: 10pt">-</FONT></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>


<!-- Field: Page; Sequence: 67; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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 2.55pt 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 2.55pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 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 2.55pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Related party</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Relationship</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Description of </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>transaction</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Income (loss) included in the </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>statement of income</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Balance receivable </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(payable)/(equity)</B></FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>2014</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>2015</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 24%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 9pt">Mario Jorge de Lemos Vieira/ Cia </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">(i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Cost of goods sold and services rendered (ii)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(42)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(2,304)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(2,854)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 9pt">Agropecuaria Monte Alegre/ Alfenas Agricola </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0; vertical-align: top"><FONT STYLE="font-size: 9pt">Receivables from related parties (Note&nbsp;18)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">172</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">300</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 9pt">Ltda/ Marcelo Weyland Barbosa Vieira/ Paulo Albert Weyland Vieira</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Payables (Note 25)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(701)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(465)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 9pt">Directors and senior management </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Employment</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Compensation selected employess</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(5,213)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(7,528)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(7,439)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(17,355)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(16,836)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 9pt">CHS Agro</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Joint venture</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Purchases of goods</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">402</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Receivables from related parties (Note&nbsp;18)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">8,114</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">8,204</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Payables from related parties (Note&nbsp;25)</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">(451)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Sales of goods</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">372</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">2,201</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">2,824</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Services</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">87</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">110</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">70</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Interest income</FONT></TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">326</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">74</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-left: 3pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.55pt 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt 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: 9pt 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>


<!-- Field: Page; Sequence: 68; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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">&nbsp;</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;&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">&#167;</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>


<!-- Field: Page; Sequence: 69; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 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="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-size: 9pt"><B>Statements of Income (extracts)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 22%; text-align: left; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>2015(Previously </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>stated)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>Increase/ </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Decrease)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>2015 </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Revised)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>2014(Previously </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>stated)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>Increase/ </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Decrease)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>2014 </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Revised)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(505,693)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(52,093)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(557,886)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(545,281)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(60,044)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(605,325)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Change in fair value of biological assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">36,869</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">17,659</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">54,528</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">27,145</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">73,071</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">100,216</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt"><B>Profit / (Loss) before income tax </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>22,129</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(34,434)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(12,305)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>8,544</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>13,027</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>21,571</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Income tax (expense) / benefit</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(3,754)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">11,708</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,954</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(6,106)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(4,429)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(10,535)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt"><B>Profit / (Loss)for the period </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>18,375</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(22,726)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(4,351)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>2,438</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>8,598</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>11,036</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="4" STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt">Attributable to: </FONT></TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Equity holders of the parent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">17,133</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(22,726)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(5,593)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">2,518</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,598</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">11,116</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Non-controlling interests </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,242</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">1,242</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(80)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(80)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>18,375</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(22,726)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(4,351)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>2,438</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>8,598</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>11,036</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Basic earnings per share</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">0.142</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(0.188)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(0.046)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">0.021</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">0.071</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">0.092</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 9pt">Diluted earnings per share </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">0.140</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(0.186)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(0.046)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">0.021</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">0.070</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">0.091</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 COLSPAN="7"><FONT STYLE="font-size: 9pt"><B>Balance sheet (extracts)</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 22%; text-align: left; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>31 December </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2015 (Prev. </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>stated)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>Increase/ </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Decrease)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>31 December </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2015 (Revised)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>1 January 2015 </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Prev. stated)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>Increase/ </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Decrease)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: center; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>1 January 2015 </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Revised)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Biological assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">299,270</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(187,452)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">111,818</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">341,232</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(216,496)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">124,736</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Property, plant and equipment </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">540,218</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">156,671</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">696,889</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">776,905</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">214,676</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">991,581</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Deferred tax assets </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">60,857</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,887</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">68,744</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">45,597</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(3,525)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">42,072</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">77,703</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">7,583</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">85,286</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">104,919</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">12,187</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">117,106</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt"><B>Total assets </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>978,048</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(15,311)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>962,737</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,268,653</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>6,842</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>1,275,495</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Retained earnings </FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">62,923</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(14,128)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">48,795</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">45,644</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,598</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">54,242</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Cumulative Translation Adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(567,133)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,183)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(568,316)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(395,804)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(1,756)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(397,560)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"><B>Total equity </B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>542,730</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(15,311)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>(527,419)</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>770,385</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>6,842</B></FONT></TD>
    <TD STYLE="text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt"><B>777,227</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="7"><FONT STYLE="font-size: 9pt"><B>Cash flow (extracts)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD NOWRAP STYLE="vertical-align: top; text-align: left; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>31 December </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2015 (Prev. </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>stated)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>Increase/ </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Decrease)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>31 December </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2015 (Revised)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>1 January 2015 </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Prev. stated)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>Increase/ </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Decrease)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 9pt"><B>1 January 2015 </B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>(Revised)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Net cash generated from operating activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">153,914</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(8,728)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">145,186</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">133,133</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(12,982)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">120,151</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-size: 9pt">Net cash used in investing activities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(133,779)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">8,728</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(125,051)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(313,454)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">12,982</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-size: 9pt">(300,472)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 70; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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; 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">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>


<!-- Field: Page; Sequence: 71; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 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; text-indent: 35.45pt">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; 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>(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; 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">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">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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; text-indent: 35.45pt; 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"><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: 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"><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>(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">&#183;</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">&#183;</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">&#183;</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>


<!-- Field: Page; Sequence: 73; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 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">&nbsp;</P>


<!-- Field: Page; Sequence: 74; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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" 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%"></TD><TD STYLE="width: 35.25pt"><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" 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%"></TD><TD STYLE="width: 35.25pt"><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: 35.45pt">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">&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>


<!-- Field: Page; Sequence: 75; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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">&#183;</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"><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 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">&#183;</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">&#183;</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"><I>&nbsp;</I></P>


<!-- Field: Page; Sequence: 76; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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">&#183;</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; 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">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: 8pt">.</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: 0pt"></TD><TD STYLE="width: 35.45pt"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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: 11pt 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: 0.5in">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>


<!-- Field: Page; Sequence: 77; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- 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-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><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: 11pt"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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"><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 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"><B>&nbsp;</B></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>


<!-- Field: Page; Sequence: 78; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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; text-align: justify; text-indent: 35.45pt">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"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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>


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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>

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><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>


<!-- Field: Page; Sequence: 80; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
    <!-- Field: /Page -->

<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: 0pt"></TD><TD STYLE="width: 35.45pt"><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; 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: 0pt"></TD><TD STYLE="width: 35.45pt"><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">&nbsp;</P>


<!-- Field: Page; Sequence: 81; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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: 35.45pt"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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 0pt 0.1pt; text-align: justify; text-indent: 0.05pt">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: 0pt"></TD><TD STYLE="width: 35.45pt"><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: 0pt"></TD><TD STYLE="width: 35.45pt"><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-align: justify; text-indent: 35.45pt">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">&nbsp;</P>


<!-- Field: Page; Sequence: 82; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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: 0.25in"><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: 0.5in">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"><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>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"><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">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>


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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; 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">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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="width: 58%; border-bottom: Black 1pt solid; padding-left: 1.7pt; text-align: center; padding-right: 0"><B>CGU / Operating segment / Country</B></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0"><B>September 30, </B><BR>
<B>2016</B></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center; padding-right: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; text-align: center; padding-right: 0"><B>September 30, </B><BR>
<B>2015</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">La Carolina / Crops / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">40</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">64</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt">La Carolina / Cattle / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">13</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">22</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">El Orden/ Crops / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">60</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">97</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt">El Orden/ Cattle / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">5</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">La Guarida / Crops / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">405</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">658</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt">La Guarida / Cattle / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">330</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">536</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Los Guayacanes / Crops / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">511</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">830</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt">Do&ntilde;a Marina / Rice / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">1,803</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">2,930</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">Huelen / Crops / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">2,020</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">3,283</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt">El Colorado / Crops / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">890</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">1,446</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">El Colorado / Cattle / Argentina</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">130</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 6pt">211</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><B>Closing net book value of goodwill allocated to CGUs tested (Note 14)</B></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>6,207</B></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt"><B>10,085</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt">Closing net book value of PPE items and other assets allocated to CGUs tested</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">36,901</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 6pt">54,272</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt; padding-bottom: 2.5pt"><B>Total assets allocated to CGUs tested</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>43,108</B></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right; padding-right: 6pt"><B>64,357</B></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>


<!-- Field: Page; Sequence: 84; Value: 12 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></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: 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: 0.25in"><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: 75%; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="width: 36%; border-bottom: Black 1pt solid; text-align: center"><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">
    <TD STYLE="padding-left: 9pt">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">
    <TD STYLE="padding-left: 9pt">&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">
    <TD STYLE="padding-left: 9pt">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">
    <TD STYLE="padding-left: 9pt">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">
    <TD STYLE="padding-left: 9pt">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">
    <TD STYLE="padding-left: 9pt">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">
    <TD STYLE="padding-left: 9pt">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 CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.25in">
<TR>
    <TD STYLE="width: 54%; border-bottom: Black 1pt solid; text-align: center"><B>CGU/ Operating segment </B></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 21%; 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: 19%; 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: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt">AVI / Sugar, Ethanol and Energy</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">4,892</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">3,997</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt">UMA / Sugar, Ethanol and Energy</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,564</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">2,122</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 9pt"><B>Closing net book value of goodwill allocated to CGUs tested (Note 14)</B></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>7,456</B></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><B>6,119</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt">Closing net book value of PPE items and other assets allocated to CGUs tested</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">689,857</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right">554,688</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9pt; padding-bottom: 2.5pt"><B>Total assets allocated to 3 CGUs tested</B></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>697,313</B></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><B>560,807</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">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>


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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="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></DIV>
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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>

<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: 0pt"></TD><TD STYLE="width: 0.25in"><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; text-align: justify; text-indent: 35.45pt">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>


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<FILENAME>t1700674_x3-ex992.htm
<DESCRIPTION>EXHIBIT 99.2
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<P STYLE="margin: 0">&nbsp;</P>

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

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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">We hereby consent to the incorporation by reference in the
Registration Statement on Form F-3 (No. 333-191325) of Adecoagro S.A. of our report dated March 14, 2017 relating to the financial
statements, which appears in this Form 6-K.</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">PRICE WATERHOUSE &amp; CO. S.R.L.</P>

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

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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 3%">by</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 97%"><U>/s/&nbsp;Marcelo de Nicola&nbsp;(Partner)</U></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Marcelo de Nicola</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 16, 2017</P>

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


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