<SEC-DOCUMENT>0001672764-17-000051.txt : 20170515
<SEC-HEADER>0001672764-17-000051.hdr.sgml : 20170515
<ACCEPTANCE-DATETIME>20170515172603
ACCESSION NUMBER:		0001672764-17-000051
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170515
FILED AS OF DATE:		20170515
DATE AS OF CHANGE:		20170515

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:		17846010

	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>t1701462_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

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



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

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

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

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



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

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

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

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

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

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

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

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

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Adecoagro
S.A.</B></FONT></P>

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Vertigo Naos Building 6,<BR>
Rue Eugene Ruppert,<BR>
L-2453, Luxembourg<BR>
Grand Duchy of Luxembourg<BR>
(Address of principal executive office)</B></P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">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: 0; text-align: center">Form 20-F&nbsp; <FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Form 40-F&nbsp; <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">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; <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">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; <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">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: 0; text-align: center">Yes&nbsp; <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; No&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">x</FONT></P>

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">AUDITED CONSOLIDATED FINANCIAL STATEMENTS AS
OF MARCH 31, 2017 AND 2016 AND FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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. The Company is filing this report on Form 6-K for the purpose of filing a copy of the Company&rsquo;s audited consolidated
financial statements as of March 31, 2017 and 2016 and for the three-months ended March 31, 2017 and 2016 (the &ldquo;Consolidated
Financial Statements&rdquo;) as Exhibit 99.1. 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: 0">&nbsp;</P>

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

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

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

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">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: 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>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Adecoagro S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Carlos A. Boero Hughes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Carlos A. Boero Hughes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer and Chief Accounting Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: May 15, 2017&nbsp;</P>

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


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>t1701462_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

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

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

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray"><B>Condensed Consolidated Interim Financial Statements
as of March 31, 2017 and for the three-month periods ended March 31, 2017 and 2016</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray"><B>&nbsp;</B></P>


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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal address: </B>Vertigo Naos Building, 6, Rue Eug&egrave;ne
Ruppert, L-2453, Luxembourg</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Capital stock</B>: 122,381,815 common shares (of which 1,352,397
are treasury shares)</P>

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


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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Condensed Consolidated Interim Statements
of Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>for the three-month periods ended March
31, 2017 and 2016</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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: 57%; padding-right: 5.4pt; padding-left: 0; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 11pt; text-indent: 0"><FONT STYLE="font-size: 9pt">Note</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>March 31,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>March 31,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>2016 </B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">(unaudited)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Sales of goods and services rendered</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">166,091</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">121,484</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(139,362)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(99,023)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Initial recognition and changes in fair value of biological assets and agricultural produce</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">17,365</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25,833</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(227)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,659</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt"><B>Margin on Manufacturing and Agricultural Activities Before Operating Expenses</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>43,867</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>50,953</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">General and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(14,017)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(10,304)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">Selling expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(16,014)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(11,036)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">Other operating income, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">13,272</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">58</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt"><B>Profit from Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>27,108</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>29,671</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Finance income</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,112</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,145</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Finance costs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(19,442)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(28,713)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">Financial results, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(17,330)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(24,568)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt"><B>Profit Before Income Tax</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 11pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>9,778</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,103</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">Income tax expense</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0; padding-left: 0"><FONT STYLE="font-size: 9pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,811)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,351)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Profit for the Period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 11pt; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,967</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,752</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 11pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">Equity holders of the parent</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 11pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,991</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,600</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">976</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,152</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt"><B>Earnings per share attributable to the equity holders of the parent during the period:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Basic</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">0.04</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">0.01</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Diluted</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">0.04</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">0.01</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: 3; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Condensed Consolidated Interim Statements
of Comprehensive Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>for the three-month periods ended March
31, 2017 and 2016</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>March 31,<BR>
2017</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>March 31,<BR>
2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt">(unaudited)</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Profit for the period</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">5,967</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">2,752</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt"><B>Other comprehensive income:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Exchange differences on translating foreign operations</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">14,717</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">14,556</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt">Cash flow hedge, net of tax (Note 2)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">11,392</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">25,854</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left"><FONT STYLE="font-size: 9pt"><B>Other comprehensive earnings for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">26,109</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">40,410</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Total comprehensive earnings for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>32,076</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>43,162</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt"><B>Attributable to:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">Equity holders of the parent</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">30,885</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">42,857</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">1,191</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 9pt">305</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Condensed Consolidated Interim Statements
of Financial Position</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>as of March 31, 2017 and December 31,
2016</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 8pt">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>March
    31,</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>December
    31,</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt">Note</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>2016</B></FONT></TD></TR>
<TR STYLE="font-size: 8pt">
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt">(unaudited)</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 8pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Non-Current
    Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Property,
    plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">872,816</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">802,608</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Investment
    property</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">2,752</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">2,666</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Intangible
    assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">17,640</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">17,252</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Biological
    assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">8,939</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">8,516</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; padding-right: 2.15pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Deferred
    income tax assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">32,247</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">38,586</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Trade
    and other receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">20,279</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">17,412</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Other
    assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">572</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">566</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total
    Non-Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>955,245</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>887,606</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Current Assets</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Biological
    assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">138,943</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">136,888</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">118,431</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">111,754</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Trade
    and other receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">16</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">179,975</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">157,528</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Derivative
    financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">12,546</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">3,398</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Other
    assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">46</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">24</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Cash
    and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">18</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">231,321</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">158,568</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total
    Current Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>681,262</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>568,160</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>TOTAL
    ASSETS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; text-align: center; padding-bottom: 2.5pt; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>1,636,507</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font: bold 8pt CG Times (WN); text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; font: bold 8pt CG Times (WN); padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">1,455,766</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>SHAREHOLDERS EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font: bold 8pt CG Times (WN); text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Capital and reserves attributable
    to equity holders of the parent</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Share
    capital</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">183,573</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">183,573</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Share
    premium</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">936,191</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">937,250</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Cumulative
    translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">(512,862)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">(527,364)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Equity-settled
    compensation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">18,647</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">17,218</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Cash flow hedge</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">(25,907)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">(37,299)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Treasury
    shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">(2,030)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">(1,859)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Reserve from the sale of non-controlling
    interests in subsidiaries</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">41,574</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">41,574</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Retained earnings</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">55,989</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">50,998</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Equity attributable to
    equity holders of the parent</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>695,175</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>664,091</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">7,109</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">7,582</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>TOTAL SHAREHOLDERS EQUITY</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>702,284</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>671,673</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>LIABILITIES</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Non-Current Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Trade
    and other payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">1,442</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">1,427</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">565,607</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">430,304</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Deferred
    income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">17,207</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">14,689</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Payroll
    and social security liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">1,371</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">1,235</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Derivatives
    financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">978</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">662</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Provisions
    for other liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">3,648</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; text-align: right; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">3,299</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total
    Non-Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>590,253</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>451,616</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 8pt">
    <TD STYLE="padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Current Liabilities</B></FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Trade
    and other payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">74,975</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">92,158</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Current
    income tax liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">2,164</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">1,387</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Payroll
    and social security liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">23</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">31,378</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">26,844</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">230,213</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">205,092</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Derivative
    financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">4,707</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">6,406</FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt">Provisions
    for other liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt">533</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">590</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Total
    Current Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>343,970</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>332,477</B></FONT></TD></TR>
<TR STYLE="background-color: White; font-size: 8pt">
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 0; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>TOTAL
    LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>934,223</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>784,093</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255); font-size: 8pt">
    <TD STYLE="vertical-align: top; padding-right: 2.15pt; padding-left: 0; font-size: 8pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt"><B>TOTAL
    SHAREHOLDERS EQUITY AND LIABILITIES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 8pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>1,636,507</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.15pt; padding-left: 2.15pt; font-size: 8pt; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; font-size: 8pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>1,455,766</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Condensed Consolidated Interim Statements
of Changes in Shareholders&rsquo; Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>for the three-month periods ended March
31, 2017 and 2016 (continued)</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Attributable
    to equity holders of the parent</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 44%; padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Share
    Capital</B><BR>
    <B>(Note 19)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Share</B><BR>
    <B>Premium</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; 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: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Equity-settled</B><BR>
    <B>Compensation</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Cash
    flow</B><BR>
    <B>hedge</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Treasury</B><BR>
    <B>shares</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Reserve</B><BR>
    <B>from the</B><BR>
    <B>sale of non-</B><BR>
    <B>controlling</B><BR>
    <B>interests in</B><BR>
    <B>subsidiaries </B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Retained</B><BR>
    <B>Earnings</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Subtotal</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; 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: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; 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="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Balance at January 1, 2016</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>937,674</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(568,316)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>16,631</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(137,911)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(1,936)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>41,574</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>48,795</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>520,084</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,335</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Profit for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,600</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,600</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1.152</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,752</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Other comprehensive income:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 7pt">-&nbsp;&nbsp;Items
    that may be reclassified subsequently to profit or loss:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Exchange differences on translating foreign
    operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">15,402</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">15,402</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(846)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">14,556</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Cash flow hedge (*)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">25,855</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">25,855</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">25,854</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Other comprehensive income for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">15,402</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">25,855</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">41,257</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(847)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">40,410</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Total comprehensive income for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">15,402</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">25,855</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,600</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">42,857</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">305</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">43,162</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Employee share options (Note 20)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">- Exercised</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">181</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(58)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">29</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">152</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">152</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Restricted shares (Note 20):</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">- Value of employee services</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,195</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,195</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,195</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Balance at March
    31, 2016 (unaudited)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; 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; padding-right: 5.4pt; padding-left: 0; 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; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>937,855</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(552,914)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>17,768</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(112,056)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(1,907)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; 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; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>50,395</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>564,288</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,640</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>571,928</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">(*) Net of 13,288 of Income Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Condensed Consolidated Interim Statements
of Changes in Shareholders&rsquo; Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>for the three-month periods ended March
31, 2017 and 2016 (continued)</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(All amounts in US$ thousands, except shares
and per share data and as otherwise indicated)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Attributable
    to equity holders of the parent</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 7pt">
    <TD NOWRAP STYLE="vertical-align: bottom; width: 44%; padding-right: 5.4pt; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt; padding-bottom: 1pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Share
    Capital</B><BR>
    <B>(Note 19)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Share</B><BR>
    <B>Premium</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; 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: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Equity-settled</B><BR>
    <B>Compensation</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; font-size: 7pt; text-align: center; vertical-align: middle"><P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"><B>Cash
flow</B></FONT><BR>
<FONT STYLE="font-size: 7pt"><B>hedge</B></FONT></P></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Treasury</B><BR>
    <B>shares</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Reserve</B><BR>
    <B>from the</B><BR>
    <B>sale of non-</B><BR>
    <B>controlling</B><BR>
    <B>interests in</B><BR>
    <B>subsidiaries </B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Retained</B><BR>
    <B>Earnings</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Subtotal</B></FONT></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; 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: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; 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="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Balance at January 1, 2017</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>183,573</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>937,250</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(527,364)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>17,218</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(37,299)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,859)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>41,574</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>50,998</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>664,091</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,582</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Profit for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,991</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,991</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">976</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">5,967</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Other comprehensive income:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 7pt">-&nbsp;&nbsp;Items
    that may be reclassified subsequently to profit or loss:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Exchange differences on translating foreign
    operations</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">14,502</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">14,502</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">215</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">14,717</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt; padding-left: 0.125in"><FONT STYLE="font-size: 7pt">Cash flow hedge (*)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">11,392</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">11,392</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">11,392</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Other comprehensive income for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">14,502</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">11,392</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">25,894</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">215</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">26,109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Total comprehensive income for the period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">14,502</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">11,392</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,991</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">30,885</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,191</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">32,076</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">Restricted shares (Note 20):</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">- Value of employee services</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,429</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,429</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,429</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; 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-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">- Purchase of own shares</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,059)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(171)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,230)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,230)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">- Dividends</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,664)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,664)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; font-size: 7pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt"><B>Balance at March 31, 2017 (unaudited)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; font-size: 7pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; 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; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>936,191</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(512,862)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>18,647</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(25,907)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(2,030)</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; 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; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>55,989</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>695,175</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,109</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>702,284</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">(*) Net of 5,920 of Income Tax.</P>

<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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Condensed
Consolidated Interim Statements of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>for the three-month periods ended March
31, 2017 and 2016</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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 NOWRAP STYLE="width: 55%; padding-right: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; padding-right: 0; padding-left: 0; text-align: center; font-size: 11pt"><FONT STYLE="font-size: 9pt">Note</FONT></TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>March 31,</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>2017</B></P></TD>
    <TD NOWRAP STYLE="width: 5%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 9pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>March 31,</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>2016</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center; text-indent: 0in">(unaudited)</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cash flows from operating activities:</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Profit for the period</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,967</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,752</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt"><I>Adjustments for</I>:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,811</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,351</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Depreciation</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">17,458</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">13,429</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">191</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">113</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Loss / (gain) from disposal of other property items</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">557</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(134)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Equity settled share-based compensation granted</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">7, 20</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,429</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,195</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">(Gain) from derivative financial instruments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">8, 9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(14,571)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(922)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Interest and other expense, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">12,024</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">8,787</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Initial recognition and changes in fair value of non harvested biological assets (unrealized)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(5,843)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(20,174)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Changes in net realizable value of agricultural produce after harvest (unrealized)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">174</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">704</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Provision and allowances</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">68</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,722</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Foreign exchange gains, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,684</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">9,862</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Cash flow hedge &ndash; transfer from equity</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(666)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,975</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>24,283</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>24,660</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Changes in operating assets and liabilities:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">(Increase) in trade and other receivables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(20,864)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(28,654)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">(Decrease)/Increase in inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,276</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(15,072)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Decrease in biological assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,616</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">17,742</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">(Increase) in other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(17)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(51)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Decrease /(increase) in derivative financial instruments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">8,066</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,426)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">(Decrease) / increase in trade and other payables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(28,522)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">9,437</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Increase in payroll and social security liabilities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3,860</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,303</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Increase in provisions for other liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">111</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">514</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Net cash generated in operating activities before interest and taxes paid</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(8,191)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">6,453</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Income tax paid</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(278)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(66)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Net cash generated from operating activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(8,469)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,387</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Condensed Consolidated Interim Statements
of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>for the three-month periods ended March
31, 2017 and 2016 (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 NOWRAP STYLE="width: 56%; padding-right: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">Note</FONT></TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>March 31,</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>2017</B></P></TD>
    <TD NOWRAP STYLE="width: 4%; padding-right: 5.4pt; padding-left: 9pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>March 31,</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: center; text-indent: 0in"><B>2016</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(unaudited)</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cash flows from investing activities:</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Purchases of property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(58,535)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(29,919)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Purchases of intangible assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">13</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(101)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(667)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Interest received</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,422</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,796</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Proceeds from sale of property, plant and equipment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">222</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">153</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(56,992)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(27,637)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Cash flows from financing activities:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Proceeds from equity settled share-based compensation exercise</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">152</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Proceeds from long-term borrowings</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">149,801</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">40,167</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Payments of long-term borrowings</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(45,567)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(27,200)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Proceeds from short-term borrowings</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">52,604</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">50,526</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Payment of short-term borrowings</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,021)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(11,541)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Payment of derivatives financial instruments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,704)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Interest paid</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(10,046)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(8,765)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Purchase of own shares</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,230)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Dividends paid to non-controlling interest</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in"><FONT STYLE="font-size: 9pt">25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(659)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>-</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt"><B>Net cash generated from financing activities</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>140,178</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>43,339</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Net decrease in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>74,717</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>22,089</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Cash and cash equivalents at beginning of period</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">158,568</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">198,894</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-size: 9pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: center; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,964)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; text-align: right; font-size: 11pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,705</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt"><B>Cash and cash equivalents at end of period</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0in; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>231,321</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>223,688</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>1.</B></TD><TD STYLE="text-align: justify"><B>General information</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Adecoagro S.A. (the
&quot;Company&quot; or &quot;Adecoagro&quot;) is the Group&rsquo;s ultimate parent company and is a soci&eacute;t&eacute; anonyme
(stock corporation) organized under the laws of the Grand Duchy of Luxembourg. Adecoagro is a holding company primarily engaged
through its operating subsidiaries in agricultural and agro-industrial activities. The Company and its operating subsidiaries are
collectively referred to hereinafter as the &quot;Group&quot;. These activities are carried out through three major lines of business,
namely, Farming; Sugar, Ethanol and Energy and Land Transformation. Farming is further comprised of three reportable segments,
which are described in detail in Note 3 to these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">Adecoagro is a public
company listed in the New York Stock Exchange as a foreign registered company under the symbol of AGRO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">These condensed consolidated
interim financial statements have been approved for issue by the Board of Directors on May 12, 2017.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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"><B>Risk management
principles and processes</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 continues
to be exposed to several risks arising from financial instruments including price risk, exchange rate risk, interest rate risk,
liquidity risk and credit risk. A thorough explanation of the Group&acute;s risks and the Group&acute;s approach to the identification,
assessment and mitigation of risks is included in Note 2 to the annual financial statements. There have been no changes to the
Group&acute;s exposure and risk management principles and processes since December 31, 2016 and refers readers to the annual financial
statements for information.</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">However, the Group
considers that the following tables below provide useful information to understand the Group&acute;s interim results for the three
month period ended March 31, 2017. These disclosures do not appear in any particular order of potential materiality or probability
of occurrence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Financial risk management (continued)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><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: 0pt 0 0pt 1in; 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 Group&rsquo;s net monetary position broken down by various currencies for each functional currency in which the Group
operates at March 31, 2017. All amounts are shown 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: 85%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31, 2017</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Functional currency</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 31%; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>Net monetary position<BR>
(Liability)/ Asset</B></TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Argentine</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Peso</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brazilian</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reais</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Uruguayan</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Peso</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>US Dollar</B></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">Argentine Peso</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,889</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>13,889</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(188,708)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(188,708)</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(84,091)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(353,049)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24,319</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">77,489</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(335,332)</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">Uruguayan Peso</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">76</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>76</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0"><B>Total</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(70,202)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(541,757)</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>24,395</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>77,489</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(510,075)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Group&rsquo;s 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 10% appreciation of the US dollar against the respective functional currencies
for the period ended March 31, 2017 would have increased the Group&rsquo;s Profit Before Income Tax for the period. 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 be recognized as other comprehensive income since a portion of the Company&rsquo;s borrowings was used as cash
flow hedge of the foreign exchange rate risk of a portion of its highly probable future sales in US dollars (see Hedge Accounting
- Cash Flow Hedge below for details).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31, 2017</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Functional currency</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 31%; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>Net monetary position</B></TD>
    <TD NOWRAP STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Argentine</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Peso</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brazilian</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reais</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Uruguayan</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Peso</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>US Dollar</B></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(8,409)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(35,305)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,432</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(41,282)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0"><B>(Decrease) or increase in Profit Before Income Tax</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(8,409)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(35,305)</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>2,432</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>-</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(41,282)</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"><B>Hedge Accounting
- Cash Flow Hedge</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective July 1, 2013,
the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion
of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards
and foreign currency floating-to-fixed interest rate swaps.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Group expects that the cash
flows will occur and affect profit or loss between 2017 and 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the period ended
March 31, 2017, a total amount before income tax of US$ 17,978 gain was recognized in other comprehensive income and an amount
of US$ 666 loss was reclassified from equity to profit or loss within &ldquo;Financial results, net&rdquo;.</P>

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


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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Financial risk management (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: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Interest rate risk</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
shows 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) at March 31, 2017 (all amounts are shown in US dollars):</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>March 31, 2017</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(unaudited)</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Functional currency</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: center; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rate per currency denomination</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 13%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Argentine</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Peso</B></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 13%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brazilian</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reais</B></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 15%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Uruguayan</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Peso</B></P></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fixed rate:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Argentine Peso</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,775</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,775</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brazilian Reais</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,723</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129,723</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US Dollar</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,775</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,055</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,084</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,914</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subtotal Fixed-rate borrowings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>63,550</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>168,778</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31,084</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>263,412</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Variable rate:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brazilian Reais</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67,304</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67,304</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US Dollar</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,856</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">416,078</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">464,934</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subtotal Variable-rate borrowings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>48,856</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>483,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>532,238</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total borrowings as per analysis</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>112,406</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>652,160</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31,084</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>795,650</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance leases</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">170</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>170</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total borrowings at March 31, 2017</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>112,576</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>652,160</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31,084</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>795,820</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">At March 31, 2017,
if interest rates on floating-rate borrowings had been 1% higher (or lower) with all other variables held constant, <B>Profit Before
Income Tax</B> for the period would decrease 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>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31, 2017</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD></TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="4" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Functional currency</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 46%; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>Rate per currency denomination</B></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Argentine</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Peso</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brazilian</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Reais</B></P></TD>
    <TD NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Uruguayan</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>Peso</B></P></TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B>Variable rate:</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(673)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(673)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(489)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4,161)</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4,650)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0"><B>Decrease in Profit Before Income Tax</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(489)</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(4,834)</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>-</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(5,323)</B></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Credit risk</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2017,
four banks accounted for more than 75% of the total cash deposited (Rabobank, HSBC, JP Morgan and Banco do Brasil).</P>

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


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Financial risk management (continued)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol; font-size: 11pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">The following table shows the outstanding
positions for each type of derivative contract as of March 31, 2017:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 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: 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="padding-right: 0; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="7" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>March 31, 2017</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="width: 30%; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>Type of</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Quantities</B><BR>
<B>(thousands)</B><BR>
<B>(**)</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Notional</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Market</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Profit &nbsp;/ (Loss)</B><BR>
(*)</TD></TR>
<TR>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>derivative contract</B></TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>amount</B></TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><B>Value Asset/</B><BR>
<B>(Liability)</B></TD>
    <TD NOWRAP STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">(unaudited)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">(unaudited)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B>Futures:</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B>Sale</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Corn</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">23</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">3,835</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">308</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(362)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Soybean</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(5)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">52</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">146</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">385</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Wheat</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(36)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(5,721)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">58</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">54</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Sugar</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">163,008</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">66,422</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">2,194</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">6,993</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Ethanol</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">900</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">440</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">6</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">47</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B>Options:</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B><I>Buy put</I></B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Sugar</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">131,293</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(7,917)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">9,225</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">2,810</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B><I>Sell call</I></B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Sugar</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">37,897</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">4,302</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(1,311)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">3,238</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B><I>Sell put</I></B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Sugar</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">24,194</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">691</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(1,112)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(421)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B><I>Buy call</I></B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Soybean</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(4)</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">78</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">39</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">(40)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0"><B>Total</B></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><B>357,270</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; 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: 3.5pt; padding-left: 3.5pt; text-align: right"><B>62,182</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; 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: 3.5pt; padding-left: 3.5pt; text-align: right"><B>9,553</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; 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: 3.5pt; padding-left: 3.5pt; text-align: right"><B>12,704</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"><B>(*) </B>Included in line &quot;Gain
from commodity derivative financial instruments&quot; Note 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(**) All quantities expressed in tons except
otherwise indicated.</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">Commodity future contract fair values are
computed with reference to quoted market prices on future exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Financial risk management (continued)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify"><B>Other derivative financial instruments</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">As of March 31, 2017,
the Group has floating-to-fixed interest rate swap, foreign currency fixed-to-floating interest rate swap and foreign currency
floating-to fixed interest rate swap agreements, which were also outstanding as of December 31, 2016.</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">During the period ended
on March 31 2017, the Group entered into a currency forward contract with Brazilian banks in order to hedge the fluctuation of
the Brazilian Reais against US Dollar for a total notional amount of US$ 37.7. These contract finished in February 2017 and resulted
in a recognition of US$ 0.02 million loss.</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 period ended
March 31, 2016, the Group entered into several currency forward contracts with Brazilian banks in order to hedge the fluctuation
of the Brazilian Reais against US Dollar for a total notional amount of US$ 21.5 million. Those contracts entered in 2016 had maturity
dates ranging between March 2016 and March 2017. The outstanding contracts resulted in the recognition of a loss of US$ 0.3 million
in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the period ended
on March 31, 2016, the Group entered into several currency forward contracts with Argentinian banks in order to hedge the fluctuation
of the Argentinian peso against US Dollar for a total notional amount of US$ 22 million. The currency forward contracts maturity
date is June 2016. The outstanding contracts resulted in the recognition of a loss amounting to US$ 0.03 million in 2016.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the period ended
on March 31, 2017 and 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$ 20.3 million and US$ 16.8 million, respectively. The currency forward
contracts maturity date are between March and June 2017, and June 2016, respectively. The outstanding contracts resulted in the
recognition of a loss of US$0.02 and US$ nil million, 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">Gain and losses on
currency forward contracts are included within &ldquo;Financial results, net&rdquo; in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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><B>Segment information</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">IFRS 8 &ldquo;Operating
Segments&rdquo; requires an entity to report financial and descriptive information about its reportable segments, which are operating
segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about
which separate financial information is available that is evaluated regularly by the chief operating decision maker (&ldquo;CODM&rdquo;)
in deciding how to allocate resources and in assessing performance. The CODM evaluates the business based on the differences in
the nature of its operations, products and services. The amount reported for each segment item is the measure reported to the CODM
for these purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group operates in three major lines of business, namely,
Farming; Sugar, Ethanol and Energy; and Land Transformation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;Farming&#8217;</B> line of business is further comprised of three reportable
segments:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 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, handling and drying services to third parties, and the purchase and sale of crops
produced by third parties crops. Each underlying crop in the Crops 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: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 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: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-family: Wingdings; font-size: 11pt">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&#8217;s <B>&#8216;All Other Segments&#8217; </B>column 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 1, 2014, namely, Coffee and Cattle.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#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: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The measurement principles
for the Group&rsquo;s segment reporting structure are based on the IFRS principles adopted in the interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total segment assets
and liabilities are measured in a manner consistent with that of the condensed consolidated interim 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 the joint venture CHS S.A. is allocated to the &lsquo;Crops&rsquo; 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">The following table presents information
with respect to the Group&rsquo;s reportable segments. Certain other activities of a holding function nature not allocable to the
segments are disclosed in the column <B>&lsquo;Corporate&rsquo;</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Segment analysis for the three-month period
ended March 31, 2017 <FONT STYLE="font-size: 9pt">(unaudited)</FONT></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; padding-right: 5.4pt; text-align: left; 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; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Farming</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.45pt; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Sugar,</I></B><BR>
    <B><I>Ethanol and</I></B><BR>
    <B><I>Energy</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Land</I></B><BR>
    <B><I>Transformation</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B><I>Corporate</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; 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; padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>All
    Other</B><BR>
    <B>Segments</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 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; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 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="width: 43%; padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Sales of goods and services rendered</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">25,196</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">19,260</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">10,812</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">171</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>55,439</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">110,652</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>166,091</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(25,136)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(17,436)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(10,485)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(56)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(53,113)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(86,249)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(139,362)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">11,897</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">6,022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,941</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">184</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>20,044</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(2,679)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>17,365</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(227)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(227)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(227)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>11,730</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>7,846</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>2,268</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>299</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>22,143</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>21,724</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>43,867</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">General and administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(673)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,125)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(239)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(43)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(2,080)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(6,865)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(5,072)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(14,017)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Selling expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(1,032)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(3,085)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(239)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(4,360)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(11,606)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(48)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(16,014)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Other operating (loss)/income, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,160</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">174</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">250</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(161)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>2,423</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">10,887</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(38)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>13,272</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>12,185</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>3,810</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>2,040</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>91</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>18,126</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>14,140</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(5,158)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>27,108</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 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="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(335)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(922)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(238)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(30)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(1,525)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(16,124)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(17,649)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">9,960</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">5,673</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">184</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>15,817</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(9,974)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>5,843</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,937</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">349</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,941</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>4,227</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">7,295</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>11,522</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(174)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(174)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(174)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">(53)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>(53)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 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="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Farmlands and farmland improvements, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">70,286</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">19,274</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">155</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">5,680</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>95,395</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">27,491</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>122,886</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Machinery, equipment and other fixed assets,
    net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">4,393</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">16,074</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">7,558</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">467</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>28,492</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">461,042</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>489,534</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Bearer plants, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,913</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>1,913</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">230,448</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>232,361</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Work in progress</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,193</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">5,281</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,349</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>8,823</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">19,212</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>28,035</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Investment property</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">2,752</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>2,752</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>2,752</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Goodwill</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,903</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,794</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">1,218</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>6,915</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">6,892</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>13,807</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Biological assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">52,512</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,701</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">7,211</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,052</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>66,476</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">81,406</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>147,882</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">20,789</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">43,637</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">3,009</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>67,435</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">50,996</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>118,431</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>153,076</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>89,761</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>20,282</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>15,082</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>278,201</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>877,487</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>1,155,688</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; text-align: left; font-size: 7pt"><FONT STYLE="font-size: 7pt">Borrowings</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">78,911</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">66,905</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">968</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">6,056</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>152,840</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>642,980</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>795,820</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255); font-size: 7pt">
    <TD STYLE="padding-right: 5.4pt; 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; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>78,911</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>66,905</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>968</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>6,056</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>152,840</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>642,980</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt; font-size: 7pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; font-size: 7pt"><FONT STYLE="font-size: 7pt"><B>795,820</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; 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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Segment analysis for the three-month period
ended March 31, 2016 (unaudited)</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; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="9" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>Farming</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.45pt"><FONT STYLE="font-size: 7pt"><B><I>Sugar,<BR>
Ethanol and<BR>
Energy</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>Land<BR>
Transformation</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>Corporate</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>Total</I></B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>All Other<BR>
Segments</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 7pt"><B><I>Farming<BR>
subtotal</I></B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 43%; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Sales of goods and services rendered</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">21,949</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">20,549</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">5,169</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">266</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>47,933</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>73,551</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>121,484</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(21,805)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(18,414)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(5,153)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(32)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(45,404)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(53,619)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(99,023)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">16,040</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">8,479</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">434</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">66</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>25,019</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>814</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>25,833</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">2,659</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,659</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,659</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; 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; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>18,843</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>10,614</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>450</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>300</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>30,207</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>20,746</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>50,953</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">General and administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(575)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(626)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(256)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(58)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,515)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(3,666)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(5,123)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(10,304)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Selling expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(793)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(2,164)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(101)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(11)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(3,069)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(7,942)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(25)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(11,036)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Other operating (loss)/income, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(823)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">198</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">31</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(593)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">582</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">69</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>58</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt"><B>Profit / (loss) from Operations Before Financing and Taxation</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>16,652</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,022</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>124</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>232</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>25,030</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>9,720</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(5,079)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>29,671</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(323)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(555)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(243)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(53)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,174)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(12,368)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(13,542)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">14,772</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">8,479</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>23,251</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(3,077)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>20,174</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; 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="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">1,268</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">434</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">66</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,768</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">3,891</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>5,659</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural produce after harvest (unrealized)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">(704)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(704)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>(704)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Changes in net realizable value of agricultural produce after harvest (realized)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">3,363</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,363</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,363</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Farmlands and farmland improvements, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">68,224</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">18,868</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">168</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">5,504</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>92,764</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">26,734</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>119,498</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Machinery, equipment and other fixed assets, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">3,892</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">14,949</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">7,449</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">467</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>26,757</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">418,543</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><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="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Bearer plants, net</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">1,860</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,860</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">214,309</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>216,169</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Work in progress</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">1,100</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">3,274</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">2,727</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>7,101</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">14,540</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><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="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Investment property</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">2,666</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,666</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,666</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Goodwill</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">3,782</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">1,737</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">1,186</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>6,705</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">6,700</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><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="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Biological assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,189</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">25,575</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">6,827</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">2,433</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>63,024</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">82,380</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>145,404</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">29,562</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">12,102</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">2,060</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>43,724</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">68,030</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><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="padding-right: 5.4pt; 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; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>134,749</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>76,505</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>19,231</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>14,116</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>244,601</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>831,236</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,075,837</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.4pt; text-align: left"><FONT STYLE="font-size: 7pt">Borrowings</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">43,878</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">47,156</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">616</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">10,449</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>102,099</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt">533,297</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><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="padding-right: 5.4pt; 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; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>43,878</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>47,156</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>616</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>10,449</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>102,099</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>533,297</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 7pt"><B>635,396</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>4.</B></TD><TD><B>Sales</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" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 58%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 4%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: center">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><B>Sales of manufactured products and services rendered:</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Ethanol (*)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">57,279</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">42,625</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Sugar (*)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">46,970</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">28,233</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Rice (*)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">19,055</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">20,393</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Energy</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">6,384</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">2,657</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Powder milk</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">2,660</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Operating leases</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">175</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">271</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Services</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">411</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">428</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Others</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">280</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">514</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>133,214</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>95,121</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B>Sales of agricultural produce and biological assets:</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Soybean (*)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">5,362</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">6,208</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Cattle for dairy production</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">735</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">706</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Corn (*)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">9,414</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">7,217</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Cotton (*)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">835</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Milk</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">7,181</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">4,301</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Wheat</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">8,376</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">3,388</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Sunflower</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">422</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">3,104</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Barley</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">1,324</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">602</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Others (*)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">63</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>32,877</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>26,363</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0"><B>Total sales</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>166,091</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>121,484</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">(*) Includes sales of corn, rice, powder
milk, sugar, wheat, sunflower and others produced by third parties for an amount of US$ 7.3 million; US$ 0.7 million; US$ 2.7 million;
US$ 14.0 million; US$ 4.7 million; US$ 0.2 million and US$ 0.5 million 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"><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$ 108 million as of March 31, 2017 (March 31, 2016: US$ 163.6 million) comprised primarily of 151.045 tons
of sugar (US$ 61,9), 12.051 m&sup3; of ethanol (US$ 1.9 million), 401.274 mhw of energy (U$S 26.1 million) , 12.956 tons of soybean
(U$S 6.3 million), 55.421 tons of corn (US$ 8.3 million), and 6.436 tons of wheat (US$ 1 million) which expire between April 2017
and December 2017.</P>

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


<!-- Field: Page; Sequence: 18; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center">&nbsp;</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 March 31, 2017:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>March 31, 2017</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 43%; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; 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: top; width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; 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: top; width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>Finished goods at the beginning of 2017 (Note 17)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">13,117</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">5,473</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">49,601</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>68,191</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Cost of production of manufactured products (Note 6)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">77</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">16,992</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">56</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">50,946</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>68,071</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Purchases</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">11,861</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">972</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">2,569</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">19,936</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>35,338</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Agricultural produce</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">12,881</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">7,916</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>20,797</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Transfer to raw material</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(2,157)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(2,157)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Direct agricultural selling expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">2,965</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,965</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Tax recoveries (i)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(5,320)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(5,320)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(227)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(227)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Finished goods at the end of March 31, 2017 (Note 17)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(13,808)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(6,153)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(30,428)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(50,389)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Exchange differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">427</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">152</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,514</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,093</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>Cost of goods sold and services rendered, and direct agricultural selling expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>25,136</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>17,436</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,485</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>56</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>86,249</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>139,362</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">(i): Correspond to the presumed credit of ICMS over the sale
values.</P>

<P STYLE="font: 8pt 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 March 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: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>March 31, 2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 42%; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; 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: top; width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; 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: top; width: 2%; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>Finished goods at the beginning of 2016</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">16,034</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">6,904</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">55</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">24,631</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>47,624</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Cost of production of manufactured products (Note 6)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">13,042</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">32</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">33,028</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>46,145</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Purchases</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">3,111</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">5,312</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">145</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">10,356</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>18,924</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Agricultural produce</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">17,615</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">5,007</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>22,622</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Transfer to raw material</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(1,838)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,838)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Direct agricultural selling expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">2,184</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,184</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Tax recoveries (i)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(4,850)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(4,850)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Changes in net realizable value of agricultural produce after harvest</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">2,659</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,659</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Finished goods at the end of March 31, 2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(16,143)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(6,034)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(46)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(11,146)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(33,369)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Exchange differences</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(1,860)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(810)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,600</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(1,078)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>Cost of goods sold and services rendered, and direct agricultural selling expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>21,805</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>18,414</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>5,153</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>32</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>53,619</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>99,023</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; 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; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>6.</B></TD><TD><B>Expenses by nature</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 0pt 0in; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Expenses by nature
for the year ended March 31, 2017:</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: top; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Cost of production of manufactured products (Note 5)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>General and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Administrative</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Selling</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>All other</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Sugar, Ethanol</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>and Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;2,081 </FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;54 </FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;5,298 </FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;7,433 </B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;8,329 </FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;1,512 </FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>17,274</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Raw materials and consumables</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;77 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;1,182 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;1,179 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;2,438 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>2,438</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;204 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;12,680 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;12,886 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;1,447 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;181 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>14,514</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Fuel, lubricants and others</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;34 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;4,770 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;4,804 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;155 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;38 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>4,997</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Maintenance and repairs</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;387 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;2,205 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;2,592 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;286 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;143 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>3,021</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Freights</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;1,739 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;15 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;1,754 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;4,033 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>5,787</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Export taxes / selling taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;6,872 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>6,872</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Export expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;690 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>690</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Contractors and services</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;1,137 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;1,137 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>1,137</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Energy transmission</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;789 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>789</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Energy power</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;420 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;54 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;474 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;45 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;10 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>529</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Professional fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;11 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;54 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;65 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;1,808 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;219 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>2,092</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Other taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;22 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;304 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;326 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;167 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>493</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Contingencies</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;689 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>689</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Lease expense and similar arrangements</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;49 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;49 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;350 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;16 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>415</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Third parties raw materials</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;5,239 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;5,239 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>5,239</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Tax recoveries</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;(492)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;(492)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>(492)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Others</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;138 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;- </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;745 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;883 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;741 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;1,511 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>3,135</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>77</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>6,267</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>56</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>33,188</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>39,588</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>14,017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>16,014</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>69,619</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Own agricultural produce consumed</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">10,725</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">17,758</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>28,483</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>28,483</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>77</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>16,992</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>56</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>50,946</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>68,071</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>14,017</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>16,014</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>98,102</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Expenses by nature (continued)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenses by nature for the year ended March
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: top; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Cost of production of manufactured products (Note 5)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>General and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Administrative</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Selling</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Expenses</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>All other</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Sugar,</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Ethanol and</B></FONT><BR>
<FONT STYLE="font-size: 9pt"><B>Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,430</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">6,757</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">8,211</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">6,653</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">868</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>15,732</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Raw materials and consumables</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">37</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">719</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,442</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">2,198</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,198</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">219</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">10,305</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">10,532</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,026</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">161</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>11,719</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Fuel, lubricants and others</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">26</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">3,215</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">3,241</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">106</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,372</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Maintenance and repairs</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">255</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,779</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">2,034</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">194</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">63</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,291</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Freights</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">932</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">935</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">2,974</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,909</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Export taxes / selling taxes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">4,582</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>4,582</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Export expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">625</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>625</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Contractors and services</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">438</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">438</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>438</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Energy transmission</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">589</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>589</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Energy power</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">253</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">137</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">390</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">31</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>429</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Professional fees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">48</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">58</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">977</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">82</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,117</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Other taxes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">19</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">334</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">353</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">188</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>542</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Contingencies</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">142</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>142</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Lease expense and similar arrangements</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">14</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">184</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">198</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">301</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>510</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Third parties raw materials</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">416</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,096</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,512</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,512</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Tax recoveries</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(2,858)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">(2,858)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>(2,858)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Others</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">162</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">150</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">312</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">686</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">1,047</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>2,045</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>4,452</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>32</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>23,027</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>27,554</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,304</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>11,036</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>48,894</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Own agricultural produce consumed</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">8,590</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">10,001</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">18,591</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>18,591</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>43</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>13,042</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>32</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>33,028</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>46,145</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,304</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>11,036</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><FONT STYLE="font-size: 8pt"><B>67,485</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 21; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>7.</B></TD><TD><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: 75%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 58%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 4%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Wages and salaries</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">31,876</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">24,141</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Social security costs</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">7,776</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">5,625</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Equity-settled share-based compensation</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">1,429</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">1,195</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>41,081</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>30,961</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0">Number of employees</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">8,358</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">8,111</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>8.</B></TD><TD><B>Other operating (loss)/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: 75%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 58%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 4%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Gain/(Loss) from commodity derivative financial instruments</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">16,274</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(170)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">(Loss)/Gain from disposal of&nbsp;&nbsp;other property items</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(557)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">134</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Compensation between energy markets</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(3,247)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Others</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">802</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">94</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>13,272</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>58</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 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: 0.25in"><B>9.</B></TD><TD><B>Financial results, net</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 58%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 4%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Finance income:</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Interest income</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">1,422</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">2,796</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Cash flow hedge &ndash; transfer from equity</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">666</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Gain from interest rate/foreign exchange rate derivative financial instruments</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">1,155</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Other income</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">24</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">194</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B>Finance income</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>2,112</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>4,145</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">Finance costs:</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Interest expense</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(13,253)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(10,326)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Cash flow hedge &ndash; transfer from equity</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">-</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(4,975)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Foreign exchange losses, net</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(3,684)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(9,862)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Taxes</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(517)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(513)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Loss from interest rate/foreign exchange rate derivative financial</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(1,703)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">-</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">- Other expenses</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(285)</TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right">(3,037)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><B>Finance costs</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>(19,442)</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>(28,713)</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0"><B>Total financial results, net</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>(17,330)</B></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><B>(24,568)</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 22; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10.</B></TD><TD><B>Taxation</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">Taxes on income in
the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.</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 NOWRAP STYLE="vertical-align: bottom; width: 62%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>March 31,</B><BR>
<B>&nbsp;2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; width: 4%; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>March 31,</B><BR>
<B>&nbsp;2016</B></TD>
    </TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">Current income tax</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(295)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(11,162)</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">Deferred income tax</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(3,516)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">8,811</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt"><B>Income tax expense</B></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>(3,811)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>(2,351)</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">There has been no change
in the statutory tax rates in the countries where the Group operates since December 31, 2016.</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">Argentine law includes
a 10% withholding tax on dividend distributions made by Argentine companies to individuals and foreign beneficiaries. As of March
31, 2017, the Company did not record any liability on retain earnings at their Argentine subsidiaries due to its dividend policy
which defines that the Company intends to retain any future earnings to finance operations and the expansion of their business
and does not intend to distribute or pay any cash dividends on our common shares 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-indent: 35.45pt">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 NOWRAP STYLE="vertical-align: bottom; width: 62%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0"></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>March 31,</B><BR>
<B>&nbsp;2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0"><B>March 31,</B><BR>
<B>&nbsp;2016</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">Beginning of period asset</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">23,897</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">53,108</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">Exchange differences</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">579</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">6,684</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">Tax charge relating to cash flow hedge (i)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(5,920)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">(13,288)</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">Income tax expense</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(3,516)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">8,811</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt"><B>End of period asset/(liability)</B></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>15,040</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>55,315</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: 13.65pt"></TD><TD STYLE="width: 21.8pt">(i)</TD><TD>Relates to the gain or loss before income tax of cash flow hedge recognized in other comprehensive income net of the amount
reclassified from equity to profit and loss amounting to U$S 17.978 loss for the three-month period ended March 31, 2017.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.65pt">&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; text-align: justify; 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: 0.25in">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 62%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>&nbsp;2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><B>March 31,</B><BR>
<B>&nbsp;2016</B></TD>
    </TR>
<TR>
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center">(unaudited)</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Tax calculated at the tax rates applicable to profits in the respective countries</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">(3,348)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">(2,374)</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Non-deductible items</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">(501)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">(421)</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Tax losses where no deferred tax asset was recognized</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">(68)</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Non-taxable income</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right">565</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Others</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right">38</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right">(53)</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt"><B>Income tax expense</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><B>(3,811)</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; font-size: 12pt; text-align: justify; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right"><B>(2,351)</B></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 23; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>11.</B></TD><TD><B>Property, plant and equipment</B></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-indent: 0.5in">Changes in the Group&rsquo;s property, plant
and equipment in the three-month periods ended March 31, 2017 and 2016 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: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 45%; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Farmlands</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Farmland</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>improvements</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Buildings and</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>facilities</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Machinery,</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>equipment,</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>furniture and</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fittings</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Bearer plants</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Work in</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>progress</B></FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-right: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 6%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Three-month period ended March 31, 2016</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Opening net book amount.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">114,527</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,141</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">167,468</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">226,049</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">156,671</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,920</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">23,113</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">696,889</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exchange differences</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5,114)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(590)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,616</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,471</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,871</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(264)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45,023</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,545</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,302</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,225</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">296</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,211</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,579</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,205</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">292</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,155</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(18)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,634)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(277)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(282)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Reclassification to non-income&nbsp;&nbsp;tax credits (*)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(224)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(278)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Reclassification to Investment property (Note 12)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(219)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(219)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation (Note 6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(286)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,752)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(7,954)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3,155)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(282)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(13,429)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Closing net book amount</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>109,413</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,470</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>180,945</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>256,505</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>180,612</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,944</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>24,394</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>761,283</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2016 (</B>unaudited)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,413</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,504</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">282,702</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">586,447</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">362,773</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,850</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24,394</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,395,083</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10,034)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(101,757)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(329,942)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(182,161)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9,906)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(633,800)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net book amount</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>109,413</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>5,470</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>180,945</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>256,505</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>180,612</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>3,944</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>24,394</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>761,283</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Three-month period ended March 31, 2017</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Opening net book amount</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">109,858</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,640</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">190,055</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">251,310</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">216,169</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,935</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,641</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">802,608</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exchange differences</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,364</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">306</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,356</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,377</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,100</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">127</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">337</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,967</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,163</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,075</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,266</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">860</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,742</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">66,106</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Transfers</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">226</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,472</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,896</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4,594)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Disposals</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(974)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1,033)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Reclassification to non-income&nbsp;&nbsp;tax credits (*)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(33)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(250)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(91)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(374)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Reclassification to Investment property (Note 12)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depreciation (Note 6)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(508)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2,209)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6,209)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(8,174)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(358)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(17,458)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Closing net book amount</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>113,222</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>9,664</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>199,748</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>285,225</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>232,361</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,561</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>28,035</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>872,816</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>At March 31, 2017 </B>(unaudited)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">113,222</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,206</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">303,714</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">621,376</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">422,696</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,825</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,035</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,524,074</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10,542)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(103,966)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(336,151)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(190,335)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(10,264)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(651,258)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net book amount</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>113,222</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>9,664</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>199,748</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>285,225</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>232,361</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>4,561</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>28,035</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>872,816</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">(*) Brazilian federal tax law allows entities
to take a percentage of the total cost of the assets purchased as a tax credit. As of March 31, 2017, 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>


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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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>11.</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: 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 period ended March 31, 2017 and 2016, 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">As of March 31, 2017,
borrowing costs of US$ 551 (March 31, 2016: US$ 1,115) were capitalized as components of the cost of acquisition or construction
of 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$ 592,428 as of March 31, 2017.</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: 28pt">As of March 31, 2017
included within property, plant and equipment balances are US$ 312 related to the net book value of assets under finance leases.</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: 0.25in"><B>12.</B></TD><TD><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 the three-month periods ended March 31, 2017 and 2016 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: 80%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 56%; padding-right: 5.4pt; padding-left: 0; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,</B><BR>
<B>2016</B></TD>
    </TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><B>Beginning of the period</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>2,666</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>4,796</B></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0">Reclassification from Property, plant and equipment</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">219</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0">Exchange differences</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">86</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(760)</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; padding-bottom: 2.5pt"><B>End of the period</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>2,752</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>4,255</B></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0">Cost</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,752</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,255</TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0">Net book amount</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>2,752</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>4,255</B></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following amounts
have been recognized in the statement of income in the line &ldquo;Sales of manufactured products and services rendered&rdquo;:</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 NOWRAP STYLE="vertical-align: top; width: 56%; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,</B><BR>
<B>2016</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-indent: 0">Rental income</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">171</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">266</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of March 31, 2017,
the fair value of investment property was US$ 57 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>13.</B></TD><TD><B>Intangible assets</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">Changes in the Group&rsquo;s
intangible assets in the three-month periods ended March 31, 2017 and 2016 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: top; padding-right: 0; padding-left: 0; text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><B>Goodwill</B></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><B>Trademarks </B></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><B>Software</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><B>Others</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: center; text-indent: 0"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><B>Three-month period ended March 31, 2016</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Opening net book amount</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">13,510</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">930</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">2,200</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">21</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">16,661</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Exchange differences</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(233)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(5)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">105</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(133)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Additions</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">661</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">6</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">667</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Amortization charge (i) (Note 6)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(104)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(9)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(113)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><B>Closing net book amount</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>13,277</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>925</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>2,862</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>18</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>17,082</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><B>At March 31, 2016 </B><FONT STYLE="font-size: 9pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Cost</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">13,277</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">2,464</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">4,810</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">173</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">20,724</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Accumulated amortization</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(1,539)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(1,948)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(155)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(3,642)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><B>Net book amount</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>13,277</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>925</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>2,862</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>18</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>17,082</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><B>Three-month period ended March 31, 2017</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Opening net book amount</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">13,405</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">922</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">2,901</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">24</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">17,252</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Exchange differences</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">402</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">1</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">74</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">1</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">478</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Additions</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">94</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">7</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">101</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Amortization charge (i) (Note 6)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(180)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(11)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(191)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><B>Closing net book amount</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-size: 11pt; text-indent: 0; padding-left: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>13,807</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>923</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>2,889</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>21</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>17,640</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><B>At March 31, 2017 </B><FONT STYLE="font-size: 9pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Cost</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">13,807</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">2,462</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">5,580</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">218</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">22,067</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Accumulated amortization</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(1,539)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(2,691)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(197)</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0">(4,427)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><B>Net book amount</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-align: left; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>13,807</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>923</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>2,889</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>21</B></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0; text-indent: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 0; text-align: right; text-indent: 0"><B>17,640</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="width: 36%; padding-left: 0; padding-right: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
charges are included in &ldquo;General and administrative expenses&rdquo; and &ldquo;Selling expenses&rdquo; for the period ended
March 31, 2017 and 2016, 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 tests annually
whether goodwill has suffered any impairment. The last impairment test of goodwill was performed as of September 30, 2016.</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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
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    <!-- Field: /Page -->

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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: 0.25in"><B>14.</B></TD><TD><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-align: justify; text-indent: 35.45pt">Changes in the Group&rsquo;s
biological assets in the three-month periods ended March 31, 2017 and 2016 were 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: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>March 31, 2017</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 34%; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Crops (i)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Rice (i)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>All other<BR>
segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Sugarcane<BR>
(i)</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>28,189</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>25,575</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,827</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,433</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>82,380</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>145,404</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Increase due to purchases</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">233</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>233</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Initial recognition and changes in fair value of biological assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">11,897</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">6,022</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,941</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">184</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,679)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>17,365</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Decrease due to harvest / disposals</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(12,881)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(40,986)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(735)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(18,983)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(73,585)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Decrease due to sales of agricultural produce</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(7,181)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(7,181)</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Costs incurred during the year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">23,779</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">12,565</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">6,133</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">221</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">18,281</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>60,979</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Exchange differences</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,528</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">525</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">226</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(19)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,407</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,667</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>End of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>52,512</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,701</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>7,211</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>3,052</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>81,406</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>147,882</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: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>March 31, 2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 34%; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Crops (i)</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Rice (i)</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Dairy</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>All other<BR>
segments</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Sugarcane<BR>
(i)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>Beginning of the year</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>22,536</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>23,131</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,786</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>288</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>59,077</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>111,818</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Initial recognition and changes in fair value of biological assets</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">16,040</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">8,479</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">434</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">66</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">814</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>25,833</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Decrease due to harvest / disposals</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(17,615)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(38,333)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(706)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(10,667)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(67,321)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Decrease due to sales of agricultural produce</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(4,301)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(4,301)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Costs incurred during the year</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">16,220</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">9,587</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,330</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">242</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">18,951</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>50,330</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 9pt">Exchange differences</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(3,207)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(2,646)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(1,031)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">(30)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,952</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>(962)</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 9pt"><B>End of the period</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>33,974</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>218</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,512</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>566</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>74,127</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>115,397</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 0pt 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biological assets
that are measured at fair value within level 3 of the hierarchy.</P>

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


<!-- Field: Page; Sequence: 27; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>14.</B></TD><TD><B>Biological assets (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">Cost of production as of March 31, 2017:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>March 31, 2017</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 41%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>All other<BR>
segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sugar, Ethanol<BR>
and Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,192</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,488</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,181</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">95</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,136</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>7,092</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">129</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">558</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>687</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Fertilizers, agrochemicals and seeds</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">14,175</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,052</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">8,372</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>23,601</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Fuel, lubricants and others</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">249</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">268</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">173</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">728</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,419</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Maintenance and repairs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">398</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">676</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">436</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">49</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">433</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,992</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Freights</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">16</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">236</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">37</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>290</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Contractors and services</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,147</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">6,431</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,132</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>12,710</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Feeding expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,350</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>2,353</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Veterinary expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">421</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">42</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>463</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Energy power</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">20</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">855</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">155</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,030</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Professional fees</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">47</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">11</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">23</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>93</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Other taxes</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">439</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">35</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">29</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">30</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>535</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Lease expense and similar arrangements</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,171</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">176</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,609</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,957</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">796</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">337</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">78</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">260</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,471</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>23,779</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>12,565</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,847</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>221</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>18,281</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>59,693</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Own agricultural produce consumed</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,286</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,286</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>23,779</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>12,565</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>6,133</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>221</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>18,281</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>60,979</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">Cost of production as of March 31, 2016:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="11" NOWRAP STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>March 31, 2016</B></FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 41%; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Crops</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Rice</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Dairy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>All other<BR>
segments</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sugar, Ethanol<BR>
and Energy</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Salaries, social security expenses and employee benefits</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">777</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,862</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">861</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">34</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2,064</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,598</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">88</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">749</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>837</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Fertilizers, agrochemicals and seeds</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">8,403</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">861</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">100</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,889</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>15,253</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Fuel, lubricants and others</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">295</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">358</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">179</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">573</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,407</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Maintenance and repairs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">218</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">413</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">428</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">174</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">286</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,519</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Freights</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">131</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">222</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">16</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>371</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Export expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">80</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>80</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Contractors and services</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4,185</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">5,173</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">665</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>10,023</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Feeding expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,976</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,976</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Veterinary expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">407</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>411</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Energy power</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">286</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">117</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>428</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Professional fees</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">37</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">25</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">38</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>107</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Other taxes</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">349</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">32</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">24</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">19</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>426</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Lease expense and similar arrangements</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,167</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">210</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">8,486</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>9,867</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">465</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">163</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">112</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">182</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>922</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>16,220</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>9,587</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>4,225</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>242</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>18,951</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>49,225</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 8pt">Own agricultural produce consumed</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">1,105</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>1,105</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: left; padding-bottom: 2.5pt; text-indent: 0"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>16,220</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>9,587</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>5,330</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>242</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>18,951</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt"><B>50,330</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>14.</B></TD><TD><B>Biological assets (continued)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">Biological assets as of March 31, 2017
and December 31, 2016 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: 80%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 56%; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>December 31,</B><BR>
<B>2016 </B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(unaudited)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><B>Non-current</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">Cattle for dairy production</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,833</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,584</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">Breeding cattle</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,695</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,533</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">Other cattle</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">411</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">399</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>8,939</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>8,516</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0"><B>Current</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">Breeding cattle</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">946</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">501</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">Other cattle</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">378</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">243</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">Sown land &ndash; crops</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">52,512</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,189</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">Sown land &ndash; rice</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,701</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25,575</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">Sown land &ndash; sugarcane</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">81,406</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">82,380</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>138,943</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>136,888</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: left; text-indent: 0; padding-bottom: 2.5pt"><B>Total biological assets</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>147,882</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>145,404</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>15.</B></TD><TD><B>Financial instruments</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">As of March 31, 2017,
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. A market is deemed active if transactions take place with sufficient frequency
and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market
is the most reliable indicator of fair value, this should always be used if available. The financial instruments the Group has
allocated to this level mainly comprise crop futures and options traded on the stock market. In the case of securities, the Group
allocates them to this level when either a stock market price is available or prices are provided by a price quotation on the basis
of actual market transactions.</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. For this, the Group uses inputs
directly or indirectly observable in the market, other than quoted prices. If the financial instrument concerned has a fixed contract
period, the inputs used for valuation must be observable for the whole of this period. 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; 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
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 inputs used reflect the Group&rsquo;s assumptions regarding the factors, which market players would
consider in their pricing. The Group uses the best available information for this, including internal company data. The Group does
not have financial instruments allocated to this level for any of the periods 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">The following tables
present the Group&rsquo;s financial assets and financial liabilities that are measured at fair value as of March 31, 2017 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 STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="5" NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>2017</B></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 46%; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Level 1</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Level 2</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 3%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 16%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Assets</B></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Derivative financial instruments</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,852</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,694</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,546</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-bottom: 2.5pt; text-indent: 0"><B>Total assets</B></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>9,852</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>2,694</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>12,546</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0"><B>Liabilities</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-indent: 0">Derivative financial instruments</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(299)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(5,386)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(5,685)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; padding-bottom: 2.5pt; text-indent: 0"><B>Total liabilities</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(299)</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(5,386)</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>(5,685)</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>


<!-- Field: Page; Sequence: 30; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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="margin: 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>15.</B></TD><TD><B>Financial instruments (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">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 NOWRAP STYLE="width: 17%; padding-right: 0; padding-left: 0; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid; text-indent: 0"><B>Class</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Pricing<BR>
 Method</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Parameters</B></TD>
    <TD NOWRAP STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Pricing Model</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1pt solid"><B>Level</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><B>Total</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">Futures</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Quoted price</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,712</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">Options</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Quoted price</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,841</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Foreign-currency interest-rate swaps</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Theoretical price</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">633</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">Interest-rate swaps</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Theoretical price</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Swap curve;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Money market interest-rate curve</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Present value method</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,051</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; text-indent: 0">NDF</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Quoted price</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(4,376)</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 2.5pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>6,861</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>16.</B></TD><TD><B>Trade and other receivables, 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="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 60%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,<BR>
 2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>December<BR>
 31, 2016</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><B>Non current</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Trade receivables</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,807</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,802</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><B>Trade receivables &ndash; net</B></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>1,807</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>1,802</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Advances to suppliers</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,078</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,930</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Income tax credits</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,427</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,472</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Non-income tax credits (i)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,415</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,853</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Judicial deposits</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,379</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,280</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,173</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,075</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><B>Non current portion</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>20,279</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>17,412</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><B>Current</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Trade receivables</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">71,650</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">61,546</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Receivables from related parties (Note 25)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,359</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,114</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Less: Allowance for trade receivables</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(701)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">(643)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><B>Trade receivables &ndash; net</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>79,308</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>69,017</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Prepaid expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13,966</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,302</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Advance to suppliers</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27,865</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21,451</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Income tax credits</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,501</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,116</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Non-income tax credits (i)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">44,103</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">43,572</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Cash collateral</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,506</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,546</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Receivables from related parties (Note 25)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">43</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">172</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Other receivables</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">3,683</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,352</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><B>Subtotal</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>100,667</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>88,511</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><B>Current portion</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>179,975</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>157,528</B></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><B>Total trade and other receivables, net</B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>200,254</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>174,940</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">(i) Includes US$ 374 for the three month
period ended March 31, 2017 reclassified from property, plant and equipment (for the year ended December 31, 2016: US$ 1,499).</P>

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


<!-- Field: Page; Sequence: 32; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>16.</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair values of
current trade and other receivables approximate their respective carrying amounts due to their short-term nature. The fair values
of non-current trade and other receivables approximate their carrying amount, as the impact of discounting is not significant.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 61%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>December 31,</B><BR>
<B>2016</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><B>Currency</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">US Dollar</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">64,844</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54,012</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Argentine Peso</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">54,622</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">45,641</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Uruguayan Peso</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">701</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">762</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">Brazilian Reais</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">80,087</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">74,525</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>200,254</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>174,940</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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">As of March 31, 2017
trade receivables of US$ 10,710 (December 31, 2016: US$ 14,641) were past due but not impaired. The ageing analysis of these receivables
indicates that US$ 5,184 and US$ 5,264 are over 6 months in March 31, 2017 and December 31, 2016, 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">The creation and release
of allowance for trade receivables have been included in &lsquo;Selling expenses&rsquo; 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 other classes
within other receivables do not contain impaired 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 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>

<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: 18pt"><B>17.</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 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="text-align: center; width: 61%; padding-right: 0; padding-left: 0; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="text-align: center; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><B>December 31,</B><BR>
<B>2016</B></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Raw materials</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">67,697</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42,108</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Finished goods</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">50,389</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">68,191</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Stocks held by third parties</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">153</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,308</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Others</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">192</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">147</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>118,431</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>111,754</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt"></TD><TD STYLE="width: 18pt"><B>18.</B></TD><TD><B>Cash and cash equivalents</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.15in">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 61%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>March 31,</B><BR>
<B>2017</B></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 18%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>December 31,</B><BR>
<B>2016</B></TD></TR>
<TR>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(unaudited)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0">Cash at bank and on hand</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">175,508</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">130,001</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0">Short-term bank deposits</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">55,813</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,567</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>231,321</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>158,568</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>

<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: 18pt"><B>19.</B></TD><TD><B>Shareholder&acute;s Contributions</B></TD></TR></TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.15in">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 0; padding-left: 0; width: 61%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>shares</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(thousands)</B></FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Share capital</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>and share</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>premium</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>At January 1, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>122,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,121,247</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee share options exercised (Note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">181</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>At March 31, 2016</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>122,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; 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: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,121,428</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>At January 1, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>122,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,120,823</B></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase of own shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,059)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>At March 31, 2017</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>122,382</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,119,764</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0pt"></TD><TD STYLE="width: 18pt"><B>20.</B></TD><TD><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 grants 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 shares, or 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">&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>(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-indent: 0.5in">No expense was accrued for both periods
under the Options Schemes.</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">As of March 31, 2017
nil options (March 31, 2016: 19,604) were exercised, and nil (March 31, 2016: nil) were forfeited.</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: 0.5in"></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: 0.5in">As of March 31, 2017,
the Group recognized compensation expense US$ 1.4 million related to the restricted shares granted under the Restricted Share Plan
(2016: US$ 1.2 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: 0.5in">For the three-month
period ended March 31, 2017, nil Restricted Stock Units were granted, (2016: nil), nil vested, (2016: nil), and 4,540 were forfeited
(2016: 9,289).</P>

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


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><B>21.</B></TD><TD><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">&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 NOWRAP STYLE="vertical-align: bottom; width: 66%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>March
    31,</B><BR>
    <B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 4%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December
    31,</B><BR>
    <B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Payable from acquisition of property,
    plant and equipment (i)&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,042</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,042</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Other payables&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">400</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">385</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,442</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,427</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Current</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Trade payables&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">66,688</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">77,325</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Advances from customers&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,820</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">7,758</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Amounts due to
    related parties (Note 25)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,396</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,152</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Taxes payable&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">2,921</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">4,685</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Other payables&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,150</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,238</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>74,975</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>92,158</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Total trade and other payables&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>76,417</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>93,585</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.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>22.</B></TD><TD><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: 0.25in">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 66%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>March
    31,</B><BR>
    <B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 4%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December
    31,</B><BR>
    <B>2016</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Bank borrowings (*)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">565,502</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">430,202</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Obligations under finance leases</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">105</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">102</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>565,607</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>430,304</B></FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Bank overdrafts</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">3,917</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">90</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Bank borrowings (*)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">226,231</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">204,923</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Obligations under finance leases</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">79</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>230,213</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>205,092</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Total borrowings</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>795,820</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>635,396</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">(*) The Group was in
compliance with the related covenants under the respective loan agreements.</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 March 31, 2017,
total bank borrowings include collateralized liabilities of US$ 668,408 (December 31, 2016: US$ 525,663). 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>


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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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
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    <!-- Field: /Page -->

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

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>22.</B></TD><TD><B>Borrowings (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 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: 80%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 61%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>March
    31,</B><BR>
    <B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 4%; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December
    31,</B><BR>
    <B>2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Fixed rate:</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Less than 1 year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">123,291</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67,682</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Between 1 and 2 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">44,497</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,630</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Between 2 and 3 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">35,981</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,047</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Between 3 and 4 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">22,492</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,857</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Between 4 and 5 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">21,729</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,116</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">More than 5 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">15,422</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,239</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>263,412</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>214,571</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Variable rate:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Less than 1 year</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">106,857</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">137,331</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Between 1 and 2 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">160,934</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,517</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Between 2 and 3 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">106,216</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81,947</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Between 3 and 4 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">87,586</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,457</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Between 4 and 5 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">60,526</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,309</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">More than 5 years</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">10,119</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,083</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>532,238</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>420,644</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>795,650</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>635,215</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">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; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 77%; border-collapse: collapse; margin-left: 0.15in">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 60%; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>March
        31,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2017</B></FONT></P></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 4%; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December
    31,<BR>
 2016</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Currency</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">US Dollar</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">594,018</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-family: Arial, Helvetica, Sans-Serif; layout-grid-mode: line; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">437,307</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Brazilian Reais</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">197,027</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">196,903</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Argentine Peso</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">4,775</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,186</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>795,820</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>635,396</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 36; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in"><B>23.</B></TD><TD><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: 77%; border-collapse: collapse; margin-left: 0.15in">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 60%; padding-right: 0; padding-left: 0; font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>March
    31,</B><BR>
    <B>2017</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 4%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>December
    31,</B><BR>
    <B>2016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">(unaudited)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Social security payable</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">1,371</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">1,235</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,371</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,235</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt"><B>Current</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Salaries payable</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">10,260</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">7,351</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Social security payable</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">3,126</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">3,063</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Provision for vacations</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">11,302</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">12,109</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">Provision for bonuses</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt">6,690</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">4,321</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>31,378</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>26,844</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Total payroll and social security liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>32,749</B></FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; font-size: 12pt; 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: 2.8pt; padding-left: 2.8pt; font-size: 12pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>28,079</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" 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: 18pt"><B>24.</B></TD><TD><B>Provisions for other liabilities</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 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.
There have been no material changes to claimed amounts and current proceedings since 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>


<!-- Field: Page; Sequence: 37; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 28.35pt"><B>25.</B></TD><TD><B>Related-party transactions</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 0pt 0.25in; text-align: justify; text-indent: 35.45pt">The following
is a summary of the balances and transactions with related parties:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Income
    (loss) included in</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>the statement of income</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Balance
    receivable</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(payable)</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Related
    party</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Relationship</B></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Description
    of</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>transaction</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>March
    31,</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2017</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>March
    31,</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2016</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>March
    31,</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2017</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>December</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>31, 2016</B></FONT></FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%; padding-right: 2.8pt; padding-left: 2.8pt; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 9%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Other</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transactions</B></FONT></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(unaudited)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(unaudited)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Mario Jorge de Lemos
    Vieira/ Cia Agropecuaria Monte Alegre/</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Receivables
    (Note 16)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">43</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">172</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Alfenas Agricola Ltda/ Marcelo Weyland Barbosa
    Vieira/ Paulo &nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">General
    and Administrative expenses</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Albert Weyland Vieira</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Payables
    (Note 21)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,038)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;&nbsp;&nbsp;(701)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">CHS Agro</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Joint
    venture</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Services</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">19</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">39</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Payables
    (Note 21)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(353)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(451)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Interest
    income</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">80</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Receivables
    (Note 16)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,359</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">8,114</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Directors and senior
    management</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Employment</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Compensation
    selected employees</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,046)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,352)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(18,787)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(17,355)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The Coca-Cola
    Export Corporation</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-controlling
    interest</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Payables
    (Note 21)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(847)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Dividends
    paid</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(659)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">GGalilei I Uruguay
    Sociedad en comandita por acciones</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-controlling
    interest</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Payables
    (Note 21)</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(158)</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.8pt; padding-left: 2.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) Shareholder of the Company.</P>

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


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    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>26.</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: 35.45pt">The information presented
in the accompanying condensed consolidated interim financial statements (&ldquo;interim financial statements&rdquo;) as of March
31, 2017 and for the three-month periods ended March 31, 2017 and 2016 is unaudited and in the opinion of management reflect all
adjustments necessary to present fairly the financial position of the Group as of March 31, 2017, results of operations and cash
flows for the three-month periods ended March 31, 2017 and 2016. All such adjustments are of a normal recurring nature. In preparing
these accompanying interim financial statements, management has made certain estimates and assumptions that affect reported amounts
in the financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim
periods are not necessarily indicative of annual results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">These interim financial
statements have been prepared in accordance with IAS 34, &lsquo;Interim financial reporting&rsquo; and they should be read in conjunction
with the annual financial statements for the year ended December 31, 2016, which have been prepared in accordance with IFRSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">In order to facilitate
the understanding of our Consolidated Financial Statements, we have changed the format of the presentation of our income statement.
During the fourth quarter of 2016, we aggregate our sales in a single line item titled &ldquo;Sales of goods and services rendered&rdquo;.
Likewise, the corresponding cost has also been aggregated and presented as a single line item titled &ldquo;Cost of goods sold
and services rendered&rdquo;. The breakdown of sales is now included in Note 4 to the Consolidated Financial Statements. The comparative
figures have been retroactively changed accordingly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">The accounting policies
adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group&rsquo;s
annual consolidated financial statements 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: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A complete list of standards, amendments
and interpretations to existing standards published but not yet effective for the Group is described in Note 32.1 to the annual
financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 with closer adoption:</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.</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.</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-indent: 35.45pt">We are currently evaluating the impact
of our pending adoption of the new standard on our consolidated financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt"><B><I>Seasonality
of operations</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 Group&rsquo;s
business activities are inherently seasonal. The Group generally harvest and sell its grains (corn, soybean, rice and sunflower)
between February and June, with the exception of wheat, which is harvested from December to January. Coffee and cotton are different
in that while both are typically harvested from June to August,</P>

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


<!-- Field: Page; Sequence: 39; Value: 3 -->
    <DIV STYLE="margin-top: 0pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></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: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Adecoagro S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Notes to the Condensed Consolidated Interim
Financial Statements (continued)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">they require a conditioning process which
takes about two to three months. Sales in other business segments, such as in Dairy business segments, tend to be more stable.
However, the sale of milk is generally higher during the fourth quarter, when the weather is warmer and pasture conditions are
more favorable. The sugarcane harvesting period typically begins April/May and ends in November/December. This creates fluctuations
in sugar and ethanol inventory, usually peaking in December to cover sales between crop harvests (i.e., January through April).
As a result of the above factors, there may be significant variations in the results of operations from one quarter to another,
as planting activities may be more concentrated in one quarter whereas harvesting activities may be more concentrated in another
quarter. In addition, quarterly results may vary as a result of the effects of fluctuations in commodities prices, production yields
and costs on the determination of initial recognition and changes in fair value of biological assets and agricultural produce.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>27.</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; 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's critical
accounting policies are also consistent with those of the audited annual financial statements for the year ended December 31, 2016
described in Note 32.</P>

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


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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; font-size: 9pt">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
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