<SEC-DOCUMENT>0001672764-17-000086.txt : 20170816
<SEC-HEADER>0001672764-17-000086.hdr.sgml : 20170816
<ACCEPTANCE-DATETIME>20170815212427
ACCESSION NUMBER:		0001672764-17-000086
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170815
FILED AS OF DATE:		20170816
DATE AS OF CHANGE:		20170815

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:		171035147

	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>p56301_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT"><DIV STYLE="font-size: 1px; border-top: Black 2px solid; border-bottom: Black 1px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 8pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Adecoagro S.A.</B></P>

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F &nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT> &nbsp;&nbsp;&nbsp;&nbsp;
Form 40-F &nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">o</FONT> </P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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">o</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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">o</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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/normal Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes &nbsp; <FONT STYLE="font-family: Wingdings">o</FONT> &nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp; <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt">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/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 18pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt">If &ldquo;Yes&rdquo; is marked, indicate below the file
number assigned to the registrant in connection with Rule 12g3-2(b): 82-&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

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<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0">UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS AS OF AND FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2017</P>

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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 unaudited condensed consolidated interim financial statements as of and for the six
month period ended June 30, 2017 (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/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">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>

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

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

<P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18pt">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/normal Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Adecoagro S.A.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">/s/ Carlos A. Boero Hughes</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Carlos A. Boero Hughes</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer and Chief Accounting Officer</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 16pt/normal Times New Roman, Times, Serif; margin: 0pt 0; color: Gray"><B>Condensed Consolidated Interim Financial
Statements as of June 30, 2017 and for the six-month periods ended June 30, 2017 and 2016</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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">&nbsp;</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: 10pt 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 1,577,594
are treasury shares)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the six-month and three-month periods
ended June 30, 2017 and 2016</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">Six-months
    ended June 30</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">Three-months
    ended June 30</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2016</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">2016</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="text-align: center; border-bottom: Black 1px solid; font-size: 10pt">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="width: 40%; text-align: left; font-size: 10pt">Sales of goods and services rendered</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; font-size: 10pt">4</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; font-size: 10pt">394,621</TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; font-size: 10pt">290,704</TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; font-size: 10pt">228,530</TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 9%; text-align: right; font-size: 10pt">169,220</TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Cost of goods sold and services rendered</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">5</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(335,309)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(238,428)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(195,947)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(139,405)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Initial recognition and changes in fair value of biological assets and agricultural
    produce</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">14</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">22,702</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">83,494</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,337</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">57,661</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Changes in net realizable value of agricultural produce
    after harvest</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">3,193</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(369)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">3,420</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(3,028)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 10pt">Margin on Manufacturing and Agricultural
    Activities Before Operating Expenses</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">85,207</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">135,401</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">41,340</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">84,448</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">6</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(28,501)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(21,610)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(14,484)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(11,306)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Selling expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">6</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(37,077)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(27,165)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(21,063)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(16,129)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Other operating income / (loss), net</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">8</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">36,138</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(34,161)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">22,866</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(34,219)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 10pt">Profit from Operations Before Financing
    and Taxation</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">55,767</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">52,465</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">28,659</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">22,794</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Finance income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">9</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,222</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,071</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">3,110</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">926</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Finance costs</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">9</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(45,410)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(67,918)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(25,968)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(39,205)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Financial results, net</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">9</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(40,188)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(62,847)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(22,858)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(38,279)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 10pt">Profit / (loss) Before Income Tax</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">15,579</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">(10,382)</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">5,801</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">(15,485)</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Income tax expense</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">10</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(5,811)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(4,616)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(2,000)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(2,265)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">Profit / (loss) for the Period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 10pt">9,768</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 10pt">(14,998)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 10pt">3,801</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 10pt">(17,750)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">Attributable to:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Equity holders of the parent</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">8,694</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(16,385)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">3,703</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(17,985)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="font-size: 10pt">Non-controlling interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">1,074</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">1,387</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">98</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">235</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">Earnings per share attributable to the equity holders of
    the parent during the period:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Basic</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">0.072</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(0.135)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">0.031</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(0.148)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Diluted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">0.071</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(0.135)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">0.030</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(0.148)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the six-month and three-month periods
ended June 30, 2017 and 2016</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Six-months
    ended June 30</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Three-months
    ended June 30</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">2017</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">2016</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">2017</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">2016</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="text-align: center; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="width: 40%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Profit
    / (loss) for the period</TD><TD STYLE="width: 3%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">9,768</TD><TD STYLE="width: 1%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(14,998)</TD><TD STYLE="width: 1%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">3,801</TD><TD STYLE="width: 1%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(17,750)</TD><TD STYLE="width: 1%; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Other
    comprehensive income:</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Items that
    may be reclassified subsequently to profit or loss:</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Exchange
    differences on translating foreign operations</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(8,474)</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">47,826</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(23,191)</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">33,270</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding: 0 0 1px; text-indent: 0; font-size: 10pt">Cash flow hedge, net of tax (Note 2)</TD><TD STYLE="padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(2,508)</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">65,971</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(13,900)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">40,117</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding: 0 0 1px; text-indent: 0; font-size: 10pt">Other comprehensive earnings
    for the period</TD><TD STYLE="padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(10,982)</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">113,797</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding: 0 0 1px; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(37,091)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">73,387</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Total comprehensive earnings
    for the period</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(1,214)</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">98,799</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(33,290)</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">55,637</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Attributable
    to:</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Equity holders
    of the parent</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(1,966)</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">98,441</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(32,851)</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">55,584</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">Non-controlling interest</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">752</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">358</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">(439)</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">53</TD><TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>as of June 30, 2017 and December 31,
2016</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" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; font-size: 8pt">June 30,</TD><TD STYLE="font-weight: bold; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; font-size: 8pt">December 31,</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 8pt">2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 8pt">2016</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 8pt">(unaudited)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; font-size: 8pt">ASSETS</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; font-size: 8pt">Non-Current Assets</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="width: 57%; text-align: left; font-size: 8pt">Property, plant and equipment</TD><TD STYLE="width: 3%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; font-size: 8pt">11</TD><TD STYLE="width: 3%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; font-size: 8pt">837,360</TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 3%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; font-size: 8pt">802,608</TD><TD STYLE="width: 1%; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Investment property</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">12</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">2,547</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">2,666</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Intangible assets</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">13</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">16,966</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">17,252</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Biological assets</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">14</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">8,951</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">8,516</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Deferred income tax assets</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">10</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">37,096</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">38,586</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Trade and other receivables</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">16</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">18,002</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">17,412</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 8pt">Other assets</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">555</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">566</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 8pt">Total Non-Current Assets</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">921,477</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">887,606</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt">Current Assets</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Biological assets</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">14</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">93,645</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">136,888</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-size: 8pt">Inventories</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">17</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">151,052</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">111,754</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Trade and other receivables</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">16</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">182,376</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">157,528</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Derivative financial instruments</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">15</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">3,015</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">3,398</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Other assets</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">42</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">24</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 8pt">Cash and cash equivalents</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">18</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">219,934</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">158,568</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 8pt">Total Current Assets</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">650,064</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">568,160</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt">TOTAL ASSETS</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 8pt">1,571,541</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 8pt">1,455,766</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt">SHAREHOLDERS EQUITY</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt">Capital and reserves attributable to equity holders of the parent</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt">Share capital</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">19</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">183,573</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">183,573</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-size: 8pt">Share premium</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">19</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">933,961</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">937,250</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Cumulative translation adjustment</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">(535,516)</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">(527,364)</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-size: 8pt">Equity-settled compensation</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">15,142</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">17,218</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Cash flow hedge</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">(39,807)</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">(37,299)</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-size: 8pt">Treasury shares</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">(2,368)</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">(1,859)</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Reserve from the sale of non-controlling interests in subsidiaries</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">41,574</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">41,574</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 8pt">Retained earnings</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">59,692</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">50,998</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 8pt">Equity attributable to equity holders of the parent</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">656,251</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">664,091</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; font-size: 8pt">Non-controlling interest</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">6,670</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">7,582</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 8pt">TOTAL SHAREHOLDERS EQUITY</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">662,921</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">671,673</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; font-size: 8pt">LIABILITIES</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; font-size: 8pt">Non-Current Liabilities</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Trade and other payables</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">21</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">892</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">1,427</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt">Borrowings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">22</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">537,484</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">430,304</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Deferred income tax liabilities</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">10</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">14,491</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">14,689</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Payroll and social security liabilities</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">23</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">1,070</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">1,235</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Derivatives financial instruments</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">15</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">1,439</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">662</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 8pt">Provisions for other liabilities</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">3,175</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">3,299</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 8pt">Total Non-Current Liabilities</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">558,551</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">451,616</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 8pt">Current Liabilities</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Trade and other payables</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">21</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">61,774</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">92,158</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 8pt">Current income tax liabilities</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">2,461</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">1,387</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Payroll and social security liabilities</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">23</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">28,024</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">26,844</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-size: 8pt">Borrowings</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">22</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">256,795</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">205,092</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 8pt">Derivative financial instruments</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 8pt">15</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">372</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 8pt">6,406</TD><TD STYLE="text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 8pt">Provisions for other liabilities</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">643</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 8pt">590</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 8pt">Total Current Liabilities</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">350,069</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">332,477</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 8pt">TOTAL LIABILITIES</TD><TD STYLE="padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">908,620</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 8pt">784,093</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 8pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; font-size: 8pt">TOTAL SHAREHOLDERS EQUITY AND LIABILITIES</TD><TD STYLE="padding-bottom: 3px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 3px; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 8pt">1,571,541</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 8pt">1,455,766</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 8pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the six-month periods ended June
30, 2017 and 2016 (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" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="34" STYLE="text-align: center; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; border-bottom: Black 1px solid"><B>Attributable
    to equity holders of the parent</B></TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 0px solid; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Share Capital (Note 19)</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Share Premium</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Cumulative Translation Adjustment</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Equity-settled Compensation</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Cash flow hedge</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Treasury shares</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Reserve from the sale of non-controlling interests in subsidiaries</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Retained Earnings</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Subtotal</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Non-Controlling Interest</TD><TD STYLE="padding: 0 0 1px; font-weight: bold; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: middle">Total Shareholders&rsquo; Equity</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; font-weight: bold; font-size: 7pt; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="width: 26%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">Balance at January 1, 2016</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">183,573</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">937,674</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(568,316)</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">16,631</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(137,911)</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(1,936)</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">41,574</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">48,795</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">520,084</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">7,335</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">527,419</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">Loss for the period</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(16,385)</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(16,385)</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">1,387</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(14,998)</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">Other comprehensive income:</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">-&nbsp;&nbsp; Items that may be reclassified subsequently to profit or loss:</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: 0">Exchange differences on translating foreign operations</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">48,855</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">48,855</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(1,029)</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">47,826</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; padding: 0 0 1px 7pt; font-size: 7pt; text-indent: 0">Cash flow hedge (*)</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">65,971</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">65,971</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">65,971</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding: 0 0 1px 7pt; font-size: 7pt; text-indent: -7pt">Other comprehensive income for the period</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">48,855</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">65,971</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">114,826</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(1,029)</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">113,797</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; padding: 0 0 1px 7pt; font-size: 7pt; text-indent: -7pt">Total comprehensive income for the period</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">48,855</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">65,971</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(16,385)</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">98,441</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">358</TD><TD STYLE="padding: 0 0 1px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding: 0 0 1px; font-size: 7pt; text-indent: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">98,799</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1px solid; padding-left: 0; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">Employee share options (Note 20)</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
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    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Exercised</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">323</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(102)</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">55</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">276</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">276</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Forfeited</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(98)</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">98</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">Restricted shares (Note 20):</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Value of employee services</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">2,545</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">2,545</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">2,545</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Vested</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">3,225</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(3,905)</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">680</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">-</TD><TD STYLE="text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="padding: 0 0 3px 7pt; font-size: 7pt; text-indent: -7pt">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding: 0 0 3px; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="padding: 0 0 3px; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; padding: 0 0 3px 7pt; font-size: 7pt; text-indent: -7pt">Balance at June 30, 2016 (unaudited)</TD><TD STYLE="font-weight: bold; padding: 0 0 3px; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">183,573</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">941,222</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(519,461)</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0; vertical-align: bottom">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">15,071</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(71,940)</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">(1,201)</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">41,574</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">32,508</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">621,346</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">7,693</TD><TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-top: 0; padding-right: 0; border-bottom: Black 3px double; padding-left: 0; font-size: 7pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">629,039</TD><TD STYLE="padding: 0 0 3px; font-weight: bold; text-align: left; font-size: 7pt; text-indent: 0; border-bottom: Black 3px double">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">(*) Net of 34,145 of Income Tax.</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: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the six-month periods ended June
30, 2017 and 2016 (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" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-left: 7pt; text-indent: -7pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt">&nbsp;</TD>
    <TD COLSPAN="34" STYLE="text-align: center; font-size: 7pt; border-bottom: Black 1px solid"><B>Attributable to equity holders of the parent</B></TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 0px solid; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-left: 7pt; text-indent: -7pt; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Share Capital (Note 19)</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Share Premium</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Cumulative Translation Adjustment</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Equity-settled Compensation</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Cash flow hedge</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Treasury shares</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Reserve from the sale of non-controlling interests in subsidiaries</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Retained Earnings</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Subtotal</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Non-Controlling Interest</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 7pt; vertical-align: middle">Total Shareholders&rsquo; Equity</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; font-size: 7pt; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-left: 7pt; text-indent: -7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="width: 26%; font-weight: bold; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">Balance at January 1, 2017</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right; font-size: 7pt">183,573</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">937,250</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">(527,364)</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">17,218</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right; font-size: 7pt">(37,299)</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">(1,859)</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">41,574</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">50,998</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">664,091</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">7,582</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right; font-size: 7pt">671,673</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">Profit for the period</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">8,694</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">8,694</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">1,074</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">9,768</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">Other comprehensive loss:</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Items that may be reclassified subsequently to profit or loss:</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 7pt; padding-left: 7pt; text-indent: 0">Exchange differences on translating foreign operations</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(8,152)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(8,152)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(322)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(8,474)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 7pt; padding-left: 7pt; text-indent: 0">Cash flow hedge (*)</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(2,508)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(2,508)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(2,508)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">Other comprehensive income for the period</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(8,152)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(2,508)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(10,660)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(322)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(10,982)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">Total comprehensive income for the period</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(8,152)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(2,508)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">8,694</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(1,966)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">752</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(1,214)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD STYLE="font-size: 7pt; padding-left: 7pt; text-indent: -7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">Restricted shares (Note 20):</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="font-size: 7pt; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Value of employee services</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">2,807</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">2,807</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">2,807</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-size: 7pt; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Vested</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">4,149</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(4,883)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">734</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="font-size: 7pt; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Purchase of own shares</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(7,438)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(1,243)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(8,681)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">-</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 7pt">(8,681)</TD><TD STYLE="text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">- &nbsp;&nbsp;Dividends</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(1,664)</TD><TD STYLE="padding-bottom: 1px; text-align: left; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 7pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 7pt">(1,664)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 7pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 7pt; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 7pt; padding-left: 7pt; text-indent: -7pt">Balance at June 30, 2017 (unaudited)</TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">183,573</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">933,961</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">(535,516)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">15,142</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">(39,807)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">(2,368)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">41,574</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">59,692</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">656,251</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">6,670</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 7pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 7pt">662,921</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; font-size: 7pt; border-bottom: Black 3px double">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">(*) Net of 1,291 of Income Tax.</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: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the six-month periods ended June
30, 2017 and 2016</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" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">June 30,<BR> 2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">June 30,<BR> 2016</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; font-size: 10pt">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">Cash flows from operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="width: 57%; font-weight: bold; text-align: left; font-size: 10pt">Profit for the period</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; font-size: 10pt">9,768</TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; font-size: 10pt">(14,998)</TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-style: italic; text-align: left; font-size: 10pt">Adjustments for:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Income tax expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">10</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,811</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">4,616</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-size: 10pt">Depreciation</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">11</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">55,750</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">41,592</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="font-size: 10pt">Amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">416</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">313</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Loss / (Gain) from disposal of other property items</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">8</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">618</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(181)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Equity settled share-based compensation granted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">7, 20</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,807</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,545</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">(Gain) / loss from derivative financial instruments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">8, 9</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(36,558)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">41,121</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Interest and other expense, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">9</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">21,188</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">18,940</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Initial recognition and changes in fair value of non harvested biological assets (unrealized)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">2,441</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(49,592)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Changes in net realizable value of agricultural produce after harvest (unrealized)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(616)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">1,542</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Provision and allowances</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">298</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">48</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Foreign exchange losses, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">9</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">11,883</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">12,276</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Cash flow hedge &ndash; transfer from equity</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">9</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">3,320</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">23,594</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="font-weight: bold; font-size: 10pt">Subtotal</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt">77,126</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt">81,816</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">Changes in operating assets and liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Increase in trade and other receivables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(29,055)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(43,937)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Increase in inventories</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(29,724)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(37,455)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Decrease in biological assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">25,671</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">15,538</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">Decrease / (Increase) in other assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">24</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(60)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Decrease /(increase) in derivative financial instruments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">40,010</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(19,623)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font-size: 10pt">(Decrease) / increase in trade and other payables</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(32,990)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">11,511</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Increase in payroll and social security liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">1,578</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">1,243</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">(Decrease) / Increase in provisions for other liabilities</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(88)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">1,640</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt">Net cash generated in operating activities before taxes paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt">52,552</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; font-size: 10pt">10,673</TD><TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Income tax paid</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(1,653)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(911)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 10pt">Net cash generated from operating activities</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">50,899</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">9,762</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for the six-month periods ended June
30, 2017 and 2016 (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" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; font-size: 10pt">Note</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">June 30,<BR>
    2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; border-bottom: Black 1px solid; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 10pt">June 30,<BR>
    2016</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; font-size: 10pt">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">Cash flows from investing activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="width: 57%; text-align: left; font-size: 10pt">&nbsp;Purchases of property, plant and equipment</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: center; text-indent: 0pt; font-size: 10pt">11</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; font-size: 10pt">(106,053)</TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; font-size: 10pt">(60,034)</TD><TD STYLE="width: 1%; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;Purchases of cattle</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(581)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">-</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;Purchases of intangible assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(576)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(804)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;Interest received</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">9</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">5,021</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">4,621</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">&nbsp;Proceeds from sale of property, plant and equipment</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">798</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">754</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 10pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">(101,391)</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">(55,463)</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; font-size: 10pt">Cash flows from financing activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Proceeds from equity settled share-based compensation exercise</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">-</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">276</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Proceeds from long-term borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">189,769</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">42,701</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-size: 10pt">Payments of long-term borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(103,724)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(69,514)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Proceeds from short-term borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">84,595</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">147,496</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-size: 10pt">Payment of short-term borrowings</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(9,531)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(94,929)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Payment of derivatives financial instruments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(9,419)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(1,213)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Interest paid</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(22,540)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(20,504)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font-size: 10pt">Purchase of own shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">(8,681)</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">-</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Dividends paid to non-controlling interest</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">25</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(1,506)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">-</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px; font-size: 10pt">Net cash generated from financing activities</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">118,963</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; font-size: 10pt">4,313</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; font-size: 10pt">Net decrease in cash and cash equivalents</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 3px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 10pt">68,471</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 10pt">(41,388)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="text-align: left; font-size: 10pt">Cash and cash equivalents at beginning of period</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">158,568</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">198,894</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1px; font-size: 10pt">Effect of exchange rate changes on cash and cash equivalents</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">(7,105)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; font-size: 10pt">10,081</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px; font-size: 10pt">Cash and cash equivalents at end of
    period</TD><TD STYLE="padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 3px; text-indent: 0pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 10pt">219,934</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; font-size: 10pt">167,587</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">Adecoagro S.A. (the &ldquo;Company&rdquo;
or &ldquo;Adecoagro&rdquo;) 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 &ldquo;Group&rdquo;. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">These condensed consolidated interim financial
statements have been approved for issue by the Board of Directors on August 11, 2017.</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; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Financial risk management</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><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: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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&rsquo;s risks and the Group&rsquo;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&rsquo;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">However, the Group considers that the
following tables below provide useful information to understand the Group&rsquo;s interim results for the six month period ended
June 30, 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>2.</B></TD><TD><B>Financial risk management (continued)</B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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 June 30, 2017. All amounts are shown in US dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-left: 36pt; border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">June 30, 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1px solid">(unaudited)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Functional currency</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Net monetary position <BR>
(Liability)/ Asset</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Brazilian <BR> Reais</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Uruguayan <BR>
Peso</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">US Dollar</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 35%; text-align: left">Argentine Peso&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">12,119</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">12,119</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Brazilian Reais&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(108,567)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(108,567)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">US Dollar&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(96,128)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(415,299)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,560</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(419,179)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1px">Uruguayan Peso&#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(860)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">(860)</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 3px">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(84,009)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(523,866)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">21,828</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">69,560</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(516,487)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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 June 30, 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; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-left: 36pt; border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center">June 30, 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="text-align: center; border-bottom: Black 1px solid">(unaudited)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Functional currency</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Net monetary position</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Brazilian <BR> Reais</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Uruguayan <BR>
Peso</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">US Dollar</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: justify; padding-bottom: 1px">US Dollar&#9;</TD><TD STYLE="width: 2%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1px solid; text-align: right">(9,613)</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1px solid; text-align: right">(41,530)</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1px solid; text-align: right">2,269</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1px solid; text-align: right">(48,874)</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">(Decrease) or increase in Profit Before Income Tax &#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(9,613)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(41,530)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">2,269</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(48,874)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><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: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; 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 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">For the period ended
June 30, 2017, a total amount before income tax of US$ 2,508 loss was recognized in other comprehensive income and an amount of
US$ 3,320 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: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>2.</B></TD><TD><B>Financial risk management (continued)</B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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 June 30, 2017 (all amounts are shown in US dollars):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 36pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center">June 30, 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1px solid">(unaudited)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Functional currency</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Rate per currency denomination</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Brazilian <BR> Reais</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Uruguayan <BR> Peso</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Fixed rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: justify">Argentine Peso&#9;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,747</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">7,747</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Brazilian Reais&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,706</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127,706</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1px">US Dollar&#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">85,486</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">36,568</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">27,990</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">150,044</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Subtotal Fixed-rate borrowings&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">93,233</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">164,274</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">27,990</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">285,497</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Variable rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Brazilian Reais&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,430</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62,430</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1px">US Dollar&#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">49,835</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">396,393</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">446,228</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Subtotal Variable-rate borrowings&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">49,835</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">458,823</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">508,658</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1px">Total borrowings as per analysis &#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">143,068</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">623,097</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">27,990</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">794,155</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1px">Finance leases &#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">124</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">124</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 3px">Total borrowings at June 30, 2017&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">143,192</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">623,097</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">27,990</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">794,279</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">At June 30, 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: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 36pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center">June 30, 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1px solid">(unaudited)</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Functional currency</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Rate per currency denomination</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Argentine <BR> Peso</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Brazilian <BR> Reais</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Uruguayan <BR>
Peso</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Variable rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: justify">Brazilian Reais&#9;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(624)</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(624)</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1px">US Dollar&#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(498)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(3,964)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(4,462)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Decrease in Profit Before Income Tax &#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(498)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(4,588)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(5,086)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&#9;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&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: 36pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Credit risk</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of June 30, 2017,
seven banks accounted for more than 83% of the total cash deposited (Banco do Brasil, Banco Votoratim, Banco Itau, Banco Santander,
HSBC, JP Morgan and Galicia).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>2.</B></TD><TD><B>Financial risk management (continued)</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 36pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Derivative financial instruments</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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 June 30, 2017:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; 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: 36pt"><FONT STYLE="font: 11pt Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify"><B>Futures / Options</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, 2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Type of<BR> derivative contract</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Quantities <BR> (thousands)<BR> (**)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Notional<BR> amount</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Market<BR> Value Asset/ <BR> (Liability)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Profit &nbsp;/ (Loss)<BR> (*)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Futures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 40%">Corn&#9;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">19,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(80)</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(16)</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Soybean&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(418)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(274)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Sugar&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147,646</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,357</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,720)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,087</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Options:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Buy put</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,999</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,896)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Sell call</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,058</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Sell put</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Sugar&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,704)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,287)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Buy call</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Soybean&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; font-style: italic">Sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">Ethanol&#9;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">1,500</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(25,467)</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">44</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">44</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Total &#9;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">251,185</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">41,031</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">2,432</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">11,936</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">(*)<B> </B>Included
in line &ldquo;Gain from commodity derivative financial instruments&rdquo; Note 8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>2.</B></TD><TD><B>Financial risk management (continued)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font: 10pt Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify"><B>Other derivative financial instruments</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">As of June 30, 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; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">During the period ended
June 30, 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$ 42.5 million. No contract of this kind was entered
in 2015. Those contracts entered in 2016 have maturity dates ranging between March 2016 and April 2017. The outstanding contracts
resulted in the recognition of a loss of US$ 7 million in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">During the period ended
on June 30, 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$ 15.37 million and US$ 15.7 million, respectively. The currency forward contracts
maturity date are between September 2017, and September 2016, respectively. The outstanding contracts resulted in the recognition
of a loss of US$ 0.25 and US$ 0.1 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>3.</B></TD><TD><B>Segment information</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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; text-align: justify; text-indent: 36pt">&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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Farming&rsquo;</B> line of business is further comprised of three reportable
segments:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 11pt Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Crops&rsquo;</B> Segment consists of planting, harvesting and sale
of grains, oilseeds and fibers (including wheat, corn, soybeans, cotton and sunflowers, among others), and to a lesser extent the
provision of grain warehousing/conditioning, 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 11pt Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s<B> &lsquo;Rice&rsquo; </B>Segment consists of planting, harvesting, processing
and marketing of rice;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 11pt Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Dairy&rsquo;</B> Segment consists of the production and sale of raw
milk;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 11pt Wingdings">&#167;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;All Other Segments&rsquo; </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&rsquo;s management does not consider them to be significance Coffee and Cattle.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Sugar, Ethanol and Energy&rsquo;</B> Segment consists of cultivating
sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and marketed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Group&rsquo;s <B>&lsquo;Land Transformation&rsquo;</B> Segment comprises the (i) identification
and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition
of assets (generating profits).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The following table
presents information with respect to the Group&rsquo;s reportable segments. Certain other activities of a holding function nature
not allocable to the segments are disclosed in the column <B>&lsquo;Corporate&rsquo;</B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Segment analysis for the six-month period
ended June 30, 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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Farming</TD><TD STYLE="padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle"><I>&nbsp;</I></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-weight: bold; vertical-align: middle">Crops</TD><TD STYLE="padding-bottom: 1px; text-align: center; font-weight: bold; vertical-align: middle"><I>&nbsp;</I></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-weight: bold; vertical-align: middle">Rice</TD><TD STYLE="padding-bottom: 1px; text-align: center; font-weight: bold; vertical-align: middle"><I>&nbsp;</I></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-weight: bold; vertical-align: middle">Dairy</TD><TD STYLE="padding-bottom: 1px; text-align: center; font-weight: bold; vertical-align: middle"><I>&nbsp;</I></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-weight: bold; vertical-align: middle">All Other <BR>
Segments</TD><TD STYLE="padding-bottom: 1px; text-align: center; font-weight: bold; vertical-align: middle"><I>&nbsp;</I></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; font-weight: bold; vertical-align: middle"><I>Farming <BR>
    subtotal</I></TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle"><B><I>Sugar,</I></B><BR>
Ethanol and <BR>
Energy</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Land<BR>
 Transformation</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Corporate</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 24%; text-align: left">Sales of goods and services rendered&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">84,896</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">43,278</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">19,322</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">438</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">147,934</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">246,687</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-weight: bold; text-align: right">394,621</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of goods sold and services rendered&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84,692)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37,702)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,988)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(175)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(141,557)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(193,752)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(335,309)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,128)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,702</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Changes in net realizable value of agricultural produce after harvest&#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,193</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,193</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">3,193</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Margin on Manufacturing and Agricultural Activities Before Operating Expenses&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">20,740</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">11,372</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">4,862</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">426</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">37,400</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">47,807</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">85,207</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,401)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,279)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(496)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,264)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,984)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,253)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(28,501)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Selling expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,946)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,401)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(468)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,868)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,150)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(59)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(37,077)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Other operating (loss)/income, net&#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,339</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">637</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">422</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(161)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4,237</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">31,919</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(18)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">36,138</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Profit / (loss) from Operations Before Financing and Taxation&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">19,732</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">3,329</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">4,320</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">124</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">27,505</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">38,592</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">(10,330)</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">55,767</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(692)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,886)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(494)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(60)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(3,132)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(53,034)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(56,166)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)&#9;&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">9,880</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,369</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">508</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">163</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">14,920</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(17,361)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(2,441)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce (realized)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">7,463</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,427</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,020</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">12,910</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">12,233</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">25,143</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest (unrealized)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">616</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">616</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">616</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest (realized)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,577</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">2,577</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">2,577</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Farmlands and farmland improvements, net &#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">64,011</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">14,543</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">127</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">89,006</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,342</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">115,348</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Machinery, equipment, building and facilities, and other fixed assets, net&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,231</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">15,286</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">7,447</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">27,379</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">438,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">465,655</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Bearer plants, net&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,832</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">1,832</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225,805</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">227,637</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Work in progress&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,037</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,739</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,234</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">10,010</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,710</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">28,720</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Investment property &#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,547</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">2,547</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,547</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Goodwill&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,614</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,660</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,157</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">6,431</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">13,031</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Biological assets&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">15,836</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,898</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">7,479</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">31,579</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">102,596</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finished goods</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,805</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">64,562</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,288</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">95,850</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Raw materials, Stocks held by third parties and others</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">6,802</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">29,383</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">3,365</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">39,550</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">15,652</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">55,202</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total segment assets&#9;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">153,336</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">76,266</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">23,652</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">19,642</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">272,896</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">833,690</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">1,106,586</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Borrowings&#9;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">89,729</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">81,473</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">852</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,727</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">175,781</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">618,498</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">794,279</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total segment liabilities&#9;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">89,729</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">81,473</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">852</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">3,727</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">175,781</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">618,498</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">794,279</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Segment information (continued)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Segment analysis for the six-month period
ended June 30, 2016 (unaudited)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid">Farming</TD><TD STYLE="padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">All Other <BR>
Segments</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Farming <BR>
subtotal</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle"><B><I>Sugar,</I></B><BR>
Ethanol and <BR>
Energy</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Land <BR>
Transformation</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Corporate</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 24%; text-align: left">Sales of goods and services rendered&#9;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: black; text-align: right">68,097</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: black; text-align: right">45,556</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: black; text-align: right">12,029</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">545</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: black; font-weight: bold; text-align: right">126,227</TD><TD STYLE="width: 1%; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">164,477</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; color: black; font-weight: bold; text-align: right">290,704</TD><TD STYLE="width: 1%; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of goods sold and services rendered&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(68,009)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(40,673)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(11,995)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(96)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(120,773)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(117,655)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(238,428)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">45,657</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">56,830</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">83,494</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Changes in net realizable value of agricultural produce after harvest&#9;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(369)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">(369)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">(369)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Margin on Manufacturing and Agricultural Activities Before Operating Expenses&#9;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">45,376</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">14,341</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">1,659</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">539</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">61,915</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">73,486</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">135,401</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,315)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,433)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(505)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(141)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(3,394)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(8,541)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(9,675)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(21,610)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Selling expenses&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(2,440)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(5,260)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(341)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(19)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(8,060)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(19,080)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(25)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(27,165)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Other operating (loss)/income, net&#9;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(21,941)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">193</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">116</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">1</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">(21,631)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(12,593)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">63</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">(34,161)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Profit / (loss) from Operations Before Financing and Taxation&#9;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">19,680</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">7,841</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">929</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">380</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">28,830</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 3px double">33,272</TD><TD STYLE="color: black; font-weight: bold; text-align: left; padding-bottom: 1px; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">(9,637)</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right; border-bottom: Black 1px solid">52,465</TD><TD STYLE="color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(676)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,173)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(490)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(110)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(2,449)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(39,456)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(41,905)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)&#9;&#9;&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">24,534</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">6,752</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">31,286</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">18,306</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">49,592</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets and agricultural produce (realized)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,123</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,706</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">90</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">25,544</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">8,358</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">33,902</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest (unrealized)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(1,542)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(1,542)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">(1,542)</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest (realized)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,173</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">1,173</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">1,173</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left"><B>As of December 31, 2016</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Farmlands and farmland improvements, net &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,224</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">92,764</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">119,498</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Machinery, equipment, building and facilities, and other fixed assets, net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,949</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,449</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26,757</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">418,543</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">445,300</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bearer plants, net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,860</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">214,309</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">216,169</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Work in progress&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,727</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,101</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">14,540</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; text-align: right">21,641</TD><TD STYLE="color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investment property &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,666</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,666</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Goodwill&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,782</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,737</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,705</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,405</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Biological assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,827</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">63,024</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">145,404</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Finished goods</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,889</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">68,191</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Raw materials, Stocks held by third parties and others</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">16,147</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">6,628</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">2,060</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">24,835</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1px solid">18,728</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">-</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right; border-bottom: Black 1px solid">43,563</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total segment assets&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">134,749</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">76,505</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">19,231</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">14,116</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">244,601</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">831,236</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">1,075,837</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Borrowings&#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">43,878</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">47,156</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">616</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">10,449</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">102,099</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">533,297</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">635,396</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total segment liabilities&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">43,878</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">47,156</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">616</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">10,449</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">102,099</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">533,297</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">-</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">635,396</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>4.</B></TD><TD><B>Sales</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30,<BR> 2017</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30,<BR> 2016</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Sales of manufactured products and services rendered:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%; text-align: justify">Ethanol (*)&#9;</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; color: black; text-align: right">104,966</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; color: black; text-align: right">69,414</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Sugar (*)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">121,801</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">81,517</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Rice (*)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">42,592</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">44,353</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Energy&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">19,875</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">13,503</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Powder milk&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,660</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">380</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Operating leases&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">381</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">554</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Services&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">390</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1px">Others&#9;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">796</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">703</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">293,806</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">210,814</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Sales of agricultural produce and biological assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Soybean (*)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">40,764</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">39,358</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Cattle for dairy production&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,490</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,305</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Corn&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">31,297</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">15,816</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Pop Corn&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">215</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">287</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Rice&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">892</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Cotton&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">46</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,118</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Milk&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">14,956</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,183</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Wheat&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">8,996</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,017</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Sunflower&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">438</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">5,245</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Peanut&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">711</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">-</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Barley&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">1,527</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">625</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Seeds&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">87</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">15</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1px">Others (*)&#9;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">288</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">29</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">100,815</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">79,890</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 3px">Total sales &#9;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">394,621</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">290,704</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(*) Includes sales of soybean, corn, rice,
powder milk, sugar, wheat, sunflower and others produced by third parties for an amount of US$ 11.2, US$ 24.1 million; US$ 3.0
million; US$ 2.7 million; US$ 35.1 million; US$ 4.7 million; US$ 0.2 million and US$ 0.1 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: 36pt"><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: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">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: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">The notional amount
of these contracts is US$ 83.6 million as of June 30, 2017 (June 30, 2016: US$ 137.9 million) comprised primarily of 125,147 tons
of sugar (US$ 49.9), 14,414 <FONT STYLE="text-underline-style: none; color: windowtext">m&sup3;</FONT>
of ethanol (US$ 2.5 million), 297,803 mhw of energy (U$S 18.5 million) , 15,613 tons of soybean (U$S 2.2 million), 50,610 tons
of corn (US$ 7.6 million), and 17,659 tons of wheat (US$ 2.9 million) which expire between July 2017 and December 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Cost of goods sold and services rendered</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2017:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, 2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">All other <BR>
segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Sugar, <BR>
Ethanol and <BR>
Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 36%; font-weight: bold; text-align: left">Finished goods at the beginning of 2017 (Note 17)&#9;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: black; text-align: right">13,117</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: black; text-align: right">5,473</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; color: black; text-align: right">49,601</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; color: black; text-align: right">68,191</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of production of manufactured products (Note 6)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">309</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">35,331</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">101</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">144,919</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">180,660</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Purchases&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">46,258</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">4,050</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">2,616</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">41,785</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">94,709</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Agricultural produce&#9;&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">76,921</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">16,372</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">93,367</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Transfer to raw material&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(4,577)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(4,577)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Direct agricultural selling expenses&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">9,900</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">9,900</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Tax recoveries (i)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(12,023)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(12,023)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,193</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,193</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Finished goods at the end of June 30, 2017 (Note 17)&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(57,804)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(6,757)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(31,289)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(95,850)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Exchange differences &#9;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(2,625)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(395)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">759</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">(2,261)</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Cost of goods sold and services rendered, and direct
    agricultural selling expenses</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">84,692</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">37,702</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">18,988</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">175</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">193,752</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">335,309</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">(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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2016:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">All other <BR>
segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Sugar, <BR>
Ethanol and <BR>
Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 36%; font-weight: bold; text-align: left">Finished goods at the beginning of 2016&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">16,034</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">6,904</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">24,631</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">47,624</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cost of production of manufactured products (Note 6)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">320</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,043</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,666</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Purchases&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,595</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">459</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,732</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Agricultural produce&#9;&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Transfer to raw material&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,416)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,416)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Direct agricultural selling expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,754</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Tax recoveries (i)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,033)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,033)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in net realizable value of agricultural produce after harvest&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(369)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(369)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Finished goods at the end of June 30, 2016&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,518)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,998)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(42,009)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88,525)</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Exchange differences &#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(3,206)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,035)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(8)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4,566</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">317</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Cost of goods sold and services rendered, and direct
    agricultural selling expenses</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">68,009</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">40,673</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">11,995</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">96</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">117,655</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">238,428</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Expenses by nature</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">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="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Expenses by nature for the year ended
June 30, 2017:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font-size: 8pt">
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 5pt 0; border-top: Black 1px solid; text-align: center; text-indent: 0; vertical-align: middle"><B>Cost
    of production of manufactured products (Note 5)</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding: 0; border-top: Black 1px solid; border-bottom: Black 1px solid; text-indent: 0; vertical-align: middle"><B>General
    and</B><BR>
    <B>Administrative</B><BR>
    <B>Expenses</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Selling</B><BR><B>Expenses</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding: 0; border-top: Black 1px solid; border-bottom: Black 1px solid; text-indent: 0; vertical-align: middle"><B>Total</B>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Crops</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Rice</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Dairy</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>All
    other</B><BR>
    <B>segments</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Sugar,&nbsp;Ethanol</B><BR>
    <B>and Energy</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Total</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="width: 34%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Salaries, social security expenses
    and employee benefits</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">3,962</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">96</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">20,029</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">24,087</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">17,181</TD>
    <TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">3,250</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">44,518</TD>
    <TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Raw materials and consumables</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">306</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">2,039</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">3,350</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">5,695</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">5,695</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Depreciation and amortization</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">409</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">5</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">43,807</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">44,221</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">2,970</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">361</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">47,552</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Fuel, lubricants and others</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">56</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">10,754</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">10,810</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">248</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">126</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">11,184</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Maintenance and repairs</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">739</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">5,879</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">6,618</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">511</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">275</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">7,404</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Freights</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">3,369</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">224</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">3,593</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">11,187</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">14,780</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Export taxes / selling taxes</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">14,024</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">14,024</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Export expenses</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">1,448</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">1,448</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Contractors and services</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">2,594</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">2,594</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">2,594</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Energy transmission</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">1,576</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">1,576</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Energy power</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">782</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">754</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">1,536</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">91</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">29</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">1,656</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Professional fees</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">20</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">154</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">174</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">3,699</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">784</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">4,657</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Other taxes</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">44</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">77</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">121</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">433</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">554</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Contingencies</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">947</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">947</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Lease expense and similar arrangements</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">121</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">121</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">701</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">32</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">854</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Third parties raw materials</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">4,127</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">9,088</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">13,215</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">13,215</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Tax recoveries</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">(14)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">(14)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">(14)</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">Others</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">3</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">386</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">2,557</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">2,946</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">1,720</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">3,985</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: right; text-indent: 0">8,651</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1px solid; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0"><B>Subtotal</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-left: 0; text-align: right; text-indent: 0"><B>309</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>16,054</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>-</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>101</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>99,253</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>115,717</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>28,501</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>37,077</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>181,295</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">Own agricultural produce consumed</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>19,277</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">-</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>45,666</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>64,943</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>-</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>-</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 1px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>64,943</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0"><B>Total</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>309</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>35,331</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>-</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>101</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>144,919</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>180,660</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>28,501</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 8pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>37,077</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0 0 3px; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0"><B>246,238</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 3px double; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>


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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Expenses by nature (continued)</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Expenses by nature for the year ended
June 30, 2016:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 5pt 0; border-top: Black 1px solid; text-align: center; text-indent: 0; vertical-align: middle"><B>Cost
    of production of manufactured products (Note 5)</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding: 0; border-top: Black 1px solid; border-bottom: Black 1px solid; text-indent: 0; vertical-align: middle"><B>General
    and</B><BR>
    <B>Administrative</B><BR>
    <B>Expenses</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="padding: 0; text-indent: 0; font: 8pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-top: Black 1px solid; border-bottom: Black 1px solid"><B>Selling</B><BR><B>Expenses</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding: 0; border-top: Black 1px solid; border-bottom: Black 1px solid; text-indent: 0; vertical-align: middle"><B>Total</B>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Crops</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Rice</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Dairy</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>All
    other</B><BR>
    <B>segments</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Sugar,</B><BR><B>Ethanol&nbsp;and</B><BR><B>Energy</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1px solid; font: 8pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0; vertical-align: middle"><B>Total</B></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; text-align: center; vertical-align: middle">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="width: 34%; text-align: left; font: 8pt Times New Roman, Times, Serif">Salaries, social security expenses and employee
    benefits</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,744</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif">81</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif">20,530</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif">23,355</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif">13,096</TD><TD STYLE="width: 2%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif">2,614</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 1%; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif">39,065</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Raw materials and consumables</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">176</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,366</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2,549</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">4,091</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">4,091</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Depreciation and amortization</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">443</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">15</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">32,111</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">32,569</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2,181</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">339</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">35,089</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Fuel, lubricants and others</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">40</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">9,367</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">9,407</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">187</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">58</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">9,652</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Maintenance and repairs</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">591</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">6,726</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">7,317</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">425</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">186</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">7,928</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Freights</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">9</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2,329</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">2,338</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">8,391</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">10,729</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Export taxes / selling taxes</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">124</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">124</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">9,501</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">9,625</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Export expenses</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,642</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,642</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Contractors and services</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">129</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,447</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,576</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,576</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Energy transmission</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,287</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,287</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Energy power</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">537</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">480</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,017</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">74</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">22</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,113</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Professional fees</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">6</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">42</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">145</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">193</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">3,123</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">439</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">3,755</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Other taxes</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">32</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">795</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">827</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">375</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,202</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Contingencies</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">273</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">273</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Lease expense and similar arrangements</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">39</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">39</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">573</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">24</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">636</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Third parties raw materials</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">1,604</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">5,244</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">6,848</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">6,848</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">Tax recoveries</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">(4,872)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">(4,872)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif">(4,872)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">Others</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">380</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,721</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">3,101</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">1,303</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">2,662</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">7,066</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px">Subtotal</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">320</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">10,147</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">96</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">77,367</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">87,930</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">21,610</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">27,165</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">136,705</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">Own agricultural produce consumed</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">18,060</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">34,676</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">52,736</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1px; text-align: left; font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right">52,736</TD><TD STYLE="padding-bottom: 1px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px">Total</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">320</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">28,207</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">96</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">112,043</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">140,666</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">21,610</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">27,165</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">189,441</TD><TD STYLE="padding-bottom: 3px; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD>
    </TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Salaries and social security expenses</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0; padding-left: 0">June
    30,<BR>2017</TD><TD STYLE="font-weight: bold; padding-bottom: 0; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0; padding-left: 0">June
    30,<BR>2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; padding-bottom: 0; padding-left: 0">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 0; padding-bottom: 0">Wages and salaries&#9;</TD><TD STYLE="width: 3%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">64,851</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">52,608</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">Social security costs&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">16,824</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">13,145</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0">Equity-settled share-based compensation&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">2,807</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">2,545</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">84,482</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">68,298</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0">Number of employees&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">8,092</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">8,229</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Other operating income / (loss), net</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0; padding-left: 0">June
    30,<BR>2017</TD><TD STYLE="font-weight: bold; padding-bottom: 0; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0; padding-left: 0">June
    30,<BR>2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; padding-bottom: 0; padding-left: 0">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 0; padding-bottom: 0">Gain/(Loss) from commodity derivative financial
    instruments&#9;</TD><TD STYLE="width: 3%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">38,753</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">(33,159)</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">(Loss) from disposal of&nbsp;&nbsp;other property items&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(618)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">181</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">Losses related to energy business&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(3,247)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">-</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-left: 0">Others&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">1,250</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(1,183)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">36,138</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">(34,161)</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Financial results, net</B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0; padding-left: 0">June
    30,<BR>2017</TD><TD STYLE="font-weight: bold; padding-bottom: 0; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0; padding-left: 0">June
    30,<BR>2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; padding-bottom: 0; padding-left: 0">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">Finance income:</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left; padding-left: 0; padding-bottom: 0">- Interest income&#9;</TD><TD STYLE="width: 3%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">5,021</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">4,621</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">- Other income&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">201</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">450</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">Finance income&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">5,222</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">5,071</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">Finance costs:</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">- Interest expense&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(25,798)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(22,029)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">- Cash flow hedge &ndash; transfer from equity&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(3,320)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(23,594)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">- Foreign exchange losses, net&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(11,883)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(12,276)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-left: 0; padding-bottom: 0">- Taxes&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(1,304)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(1,231)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">- Loss from interest rate/foreign exchange rate derivative
    financial&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(2,195)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(6,806)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">- Other expenses&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(910)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(1,982)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">Finance costs&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">(45,410)</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">(67,918)</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">Total financial results, net&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">(40,188)</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">(62,847)</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

<!-- Field: Page; Sequence: 3; Value: 20 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Taxation</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">Taxes on income in
the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; padding-bottom: 0; padding-left: 0">June
    30,<BR>
    2017</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center; padding-bottom: 0; padding-left: 0">June
    30,<BR>
    2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; padding-bottom: 0; padding-left: 0">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 0; padding-bottom: 0">Current income tax&#9;</TD><TD STYLE="width: 3%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">(2,865)</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">(2,551)</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">Deferred income tax &#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(2,946)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(2,065)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">Income tax expense&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">(5,811)</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0; padding-left: 0">(4,616)</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">There has been no change
in the statutory tax rates in the countries where the Group operates since December 31, 2016.</P>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-indent: 36pt">The gross movement on the deferred income
tax account is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0; text-align: center; padding-left: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; padding-bottom: 0; padding-left: 0"><B>June 30,</B><BR>
    <B>2017</B></TD><TD STYLE="padding-bottom: 0; text-align: center; padding-left: 0; border-bottom: Black 1px solid"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; padding-bottom: 0; padding-left: 0"><B>June 30,</B><BR>
    <B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; padding-bottom: 0; padding-left: 0">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; padding-left: 0; padding-bottom: 0">Beginning of period asset&#9;</TD><TD STYLE="width: 3%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">23,897</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">53,108</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">Exchange differences&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">363</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">10,868</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">Tax charge relating to cash flow hedge (i)&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">1,291</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(34,145)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">Income tax expense&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(2,946)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(2,065)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0"><B>End of period asset&#9;</B></TD><TD STYLE="padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right; padding-bottom: 0; padding-left: 0"><B>22,605</B></TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 3px double; padding-left: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right; padding-bottom: 0; padding-left: 0"><B>27,766</B></TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 3px double; padding-left: 0"><B>&nbsp;</B></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left">(i)</TD><TD STYLE="text-align: justify">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
                                         7,119 loss for the six-month period ended June 30, 2017.</TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">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="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0; text-align: center; padding-left: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; padding-bottom: 0; padding-left: 0"><B>June 30,</B><BR>
    <B>2017</B></TD><TD STYLE="padding-bottom: 0; text-align: center; padding-left: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1px solid; text-align: center; padding-bottom: 0; padding-left: 0"><B>June 30,</B><BR>
    <B>2016</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; padding-bottom: 0; padding-left: 0">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 0; padding-bottom: 0">Tax calculated at the tax rates applicable to
    profits in the respective countries&#9;</TD><TD STYLE="width: 3%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">(4,929)</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">2,362</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0; padding-bottom: 0">Non-deductible items&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(750)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(5,115)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">Non-deductible items &ndash; Change in estimates or previous
    year&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">-</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(1,180)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0; padding-bottom: 0">Tax losses where no deferred tax asset was recognized&#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">-</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0; padding-left: 0">(100)</TD><TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 0; padding-left: 0">Others &#9;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(132)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0; padding-left: 0">(583)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0"><B>Income tax expense&#9;</B></TD><TD STYLE="padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right; padding-bottom: 0; padding-left: 0"><B>(5,811)</B></TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 3px double; padding-left: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: left; padding-bottom: 0; padding-left: 0"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right; padding-bottom: 0; padding-left: 0"><B>(4,616)</B></TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 3px double; padding-left: 0">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>


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    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-indent: 36pt">Changes in the Group&rsquo;s property, plant
and equipment in the six-month periods ended June 30, 2017 and 2016 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0; vertical-align: middle">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; padding-bottom: 0; vertical-align: middle">Farmlands</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; padding-bottom: 0; vertical-align: middle">Farmland<BR>
    improvements</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; padding-bottom: 0; vertical-align: middle">Buildings
    and<BR>
    facilities</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; padding-bottom: 0; vertical-align: middle">Machinery,<BR>
    equipment,<BR>
    furniture and<BR>
    Fittings</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; padding-bottom: 0; vertical-align: middle">Bearer
    plants</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; padding-bottom: 0; vertical-align: middle">Others</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; padding-bottom: 0; vertical-align: middle">Work
    in<BR>
    progress</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1px solid; border-top: Black 1px solid; padding-bottom: 0; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">Six-month period ended June
    30, 2016</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="width: 25%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Opening net book amount</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 4%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">114,527</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">5,141</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">167,468</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">226,049</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">156,671</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 4%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">3,920</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">23,113</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 2%; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 4%; text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">696,889</TD><TD STYLE="width: 1%; text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Exchange differences</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(2,149)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(670)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">30,126</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">50,795</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">36,332</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">88</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(154)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">114,368</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Additions</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">4,771</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">20,960</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">27,872</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">886</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">8,200</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">62,689</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Transfers</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">3,866</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">2,287</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">5,957</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(12,110)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Disposals</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(961)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(24)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(985)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Reclassification to non-income tax
    credits (*)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(655)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(110)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(39)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(804)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Reclassification to Investment property
    (Note 12)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">140</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">140</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">Depreciation (Note 6)</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(611)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(4,427)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(24,974)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(10,964)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(616)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(41,592)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">Closing net book amount</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">112,378</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">7,726</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">199,570</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">277,856</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">209,911</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">4,254</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">19,010</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">830,705</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">At June 30, 2016 (unaudited)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Cost</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">112,378</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">18,085</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">304,002</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">624,818</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">399,881</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">14,494</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">19,010</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">1,492,668</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">Accumulated depreciation</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(10,359)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(104,432)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(346,962)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(189,970)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(10,240)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(661,963)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">Net book amount</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">112,378</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">7,726</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">199,570</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">277,856</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">209,911</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">4,254</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">19,010</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">830,705</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">Six-month period ended June
    30, 2017</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Opening net book amount</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">109,858</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">9,640</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">190,055</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">251,310</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">216,169</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">3,935</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">21,641</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">802,608</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Exchange differences</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(3,176)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(373)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(3,318)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(5,924)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(3,889)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(144)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(796)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(17,620)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Additions</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">7,764</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">47,650</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">36,828</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">1,555</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">16,809</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">110,606</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Transfers</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">429</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">2,700</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">5,709</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(8,838)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Disposals</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(102)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(1,753)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(4)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(1,859)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Reclassification to non-income tax
    credits (*)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(82)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(447)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(96)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">(625)</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Reclassification to Investment property
    (Note 12)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">-</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">Depreciation (Note 6)</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(1,030)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(6,896)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(25,554)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(21,471)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(799)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(55,750)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">Closing net book amount</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">106,682</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">8,666</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">190,121</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">270,991</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">227,637</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">4,543</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">28,720</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">837,360</TD><TD STYLE="padding-bottom: 0; font: bold 8pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">At June 30, 2017 (unaudited)</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">Cost</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">106,682</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">20,055</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">301,449</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">643,507</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">439,078</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">15,582</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">28,720</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">1,555,073</TD><TD STYLE="text-align: left; font: 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">Accumulated depreciation</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(11,389)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(111,328)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(372,516)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(211,441)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(11,039)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">(717,713)</TD><TD STYLE="border-bottom: Black 1px solid; font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0; font: 8pt Times New Roman, Times, Serif">Net book amount</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">106,682</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">8,666</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">190,121</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">270,991</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">227,637</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">4,543</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">28,720</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 0">837,360</TD><TD STYLE="border-bottom: Black 1px solid; font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="margin: 0pt 0; font: 8pt Times New Roman, Times, Serif; 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 June 30, 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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Property, plant and equipment (continued)</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">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 June 30, 2017 and 2016, respectively.</P>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">As of June 30, 2017,
borrowing costs of US$ 1,391 (June 30, 2016: US$ 1,538) were capitalized as components of the cost of acquisition or construction
of qualifying assets.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">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$ 577,397 as of June 30, 2017.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">As of June 30, 2017
included within property, plant and equipment balances are US$ 320 related to the net book value of assets under finance leases.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 28pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Investment property</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">Changes in the Group&rsquo;s
investment property in the six-month periods ended June 30, 2017 and 2016 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0">June 30,
    2017</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0">June 30,<BR>2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; padding-bottom: 0">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; font-weight: bold; padding-bottom: 0">Beginning of the period&#9;</TD>
    <TD STYLE="width: 3%; font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 12%; font-weight: bold; text-align: right; padding-bottom: 0">2,666</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 12%; font-weight: bold; text-align: right; padding-bottom: 0">4,796</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0">Reclassification from Property, plant and equipment</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0">-</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0">-</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0">Exchange differences</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(119)</TD>
    <TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(638)</TD>
    <TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 0">End of the period &#9;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">2,547</TD>
    <TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">4,158</TD>
    <TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 0">Cost</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">2,547</TD>
    <TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">4,158</TD>
    <TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0">Net book amount</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; padding-bottom: 0">2,547</TD>
    <TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right; padding-bottom: 0">4,158</TD>
    <TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
</TABLE>



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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">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="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0; padding-left: 0">June
    30,<BR>2017</TD><TD STYLE="font-weight: bold; padding-bottom: 0; padding-left: 0; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0; padding-left: 0">June
    30, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; padding-bottom: 0; padding-left: 0">(unaudited)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left; padding-left: 0; padding-bottom: 0">Rental income &#9;</TD><TD STYLE="width: 3%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">370</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 0; padding-left: 0">545</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0; padding-left: 0">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">As of June 30, 2017,
the fair value of investment property was US$ 45 million.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</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: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 36pt; text-align: left"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Intangible
                                         assets</B></TD>
</TR></TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">Changes in the Group&rsquo;s
intangible assets in the six-month periods ended June 30, 2017 and 2016 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0">Goodwill</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0">Software</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0">Others</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-bottom: 0">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 0">Six-month period ended June 30, 2016</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 0">Opening net book amount&#9;</TD><TD STYLE="width: 3%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-bottom: 0">13,510</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-bottom: 0">2,200</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-bottom: 0">951</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="width: 10%; text-align: right; padding-bottom: 0">16,661</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0">Exchange differences&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">345</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">284</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">(3)</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">626</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 0">Additions&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">-</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">785</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">19</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">804</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0">Amortization charge (i) (Note 6) &#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(292)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(21)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(313)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 0">Closing net book amount&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">13,855</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">2,977</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">946</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">17,778</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 0"><B>At June 30, 2016</B> (unaudited)</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 0">Cost&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">13,855</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">5,113</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">2,652</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">21,620</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0">Accumulated amortization&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(2,136)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(1,706)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(3,842)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 0">Net book amount&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">13,855</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">2,977</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">946</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">17,778</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 0">Six-month period ended June 30, 2017</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 0">Opening net book amount&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">13,405</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">2,901</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">946</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">17,252</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0">Exchange differences&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">(374)</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">(70)</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">(2)</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">(446)</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 0">Additions&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">-</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">561</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">15</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">576</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0">Amortization charge (i) (Note 6) &#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(393)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(23)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(416)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 0">Closing net book amount&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">13,031</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">2,999</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">936</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">16,966</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 0"><B>At June 30, 2017</B> (unaudited)</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 0">Cost&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">13,031</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">5,898</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">2,684</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 0">21,613</TD><TD STYLE="text-align: left; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 0">Accumulated amortization&#9;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">-</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(2,899)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(1,748)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; padding-bottom: 0">(4,647)</TD><TD STYLE="padding-bottom: 0; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 0">Net book amount&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">13,031</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">2,999</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">936</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left; padding-bottom: 0">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right; padding-bottom: 0">16,966</TD><TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">(i)&#9;Amortization charges are included
in &ldquo;General and administrative expenses&rdquo; and &ldquo;Selling expenses&rdquo; for the period ended June 30, 2017 and
2016, respectively.</P>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>14.</B></TD><TD><B>Biological assets</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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 six-month periods ended June 30, 2017 and 2016 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, 2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Crops (i)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Rice (i)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">All other<br>segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Sugarcane<br>(i)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: justify">Beginning of the year</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">28,189</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">25,575</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">6,827</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">2,433</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">82,380</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">145,404</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Increase due to purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">581</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">581</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Initial recognition and changes in fair value of biological assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,796</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,528</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,128)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,702</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Decrease due to harvest / disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76,924)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,858)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,418)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,650)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(169,925)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify">Decrease due to sales of agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,956)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(14,956)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Costs incurred during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,704</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">120,519</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1px">Exchange differences</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(476)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">285</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(348)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(193)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(997)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">(1,729)</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 3px">End of the period</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">15,836</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">4,898</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">7,479</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">3,366</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">71,017</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">102,596</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Crops (i)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Rice (i)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">All other<br>segments</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Sugarcane<br>(i)</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 40%; font-weight: bold; text-align: left">Beginning of the year</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">22,536</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">23,131</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">6,786</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">288</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">59,077</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">111,818</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Increase due to purchases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,132</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Initial recognition and changes in fair value of biological assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">83,494</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Decrease due to harvest / disposals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(79,303)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,548)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,306)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,868)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(155,025)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Decrease due to sales of agricultural produce</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,183)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(10,183)</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Costs incurred during the year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,479</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">93,042</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Exchange differences</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,542)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(2,476)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(949)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(102)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">15,357</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">10,288</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">End of the period</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">18,498</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">4,730</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">6,833</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">1,796</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">102,709</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">134,566</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 36pt">(i)</TD><TD>Biological assets that are measured at fair value within level 3 of the hierarchy.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>14.</B></TD><TD><B>Biological assets (continued)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cost of production as of June 30, 2017:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 9pt">
    <TD STYLE="text-align: justify; font-size: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 9pt"><B>June 30, 2017</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle; padding-top: 3pt; padding-bottom: 3pt">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle; padding-top: 3pt; padding-bottom: 3pt">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle; padding-top: 3pt; padding-bottom: 3pt">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">All other<br>segments</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">Sugar, Ethanol<br>and Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; vertical-align: middle; padding-top: 3pt; padding-bottom: 3pt">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 34%; text-align: left">Salaries, social security expenses and employee benefits&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2,091</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">4,307</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2,440</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">156</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,884</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">13,878</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">203</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,139</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Fertilizers, agrochemicals and seeds&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">970</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">33,046</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fuel, lubricants and others &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">539</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,322</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,627</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Maintenance and repairs&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,109</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">895</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">747</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,629</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Freights&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">504</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Contractors and services &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,861</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,944</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,111</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Feeding expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,795</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Veterinary expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">976</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Energy power &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,289</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Professional fees &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">245</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other taxes &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,220</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Lease expense and similar arrangements &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,291</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">24,633</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Others &#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,103</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">881</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">196</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">12</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">494</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">3,686</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Subtotal &#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">47,704</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">17,100</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">10,105</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">457</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">42,412</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">117,778</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Own agricultural produce consumed&#9;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,741</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">2,741</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total &#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">47,704</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">17,100</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">12,846</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">457</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">42,412</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">120,519</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Cost of production as of June 30, 2016:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 9pt">
    <TD STYLE="font-size: 9pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; font-size: 9pt"><B>June 30, 2016</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">Crops</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">Rice</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">Dairy</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">All other segments</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">Sugar, Ethanol<BR>and Energy</TD><TD STYLE="font-weight: bold; padding-bottom: 3pt; padding-top: 3pt; text-align: center; vertical-align: middle">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 34%; text-align: left">Salaries, social security expenses and employee benefits</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2,339</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">3,196</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,779</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">63</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4,977</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">12,354</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,232</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,420</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Fertilizers, agrochemicals and seeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,010</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,466</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,687</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fuel, lubricants and others</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,308</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,873</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Maintenance and repairs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,374</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Freights</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">991</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Contractors and services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,261</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,687</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,344</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19,292</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Feeding expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,849</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Veterinary expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">845</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">866</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Energy power</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">653</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">260</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">732</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">902</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Lease expense and similar arrangements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,931</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Others</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,764</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">467</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">214</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">204</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">464</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">3,113</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Subtotal</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">31,150</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">13,165</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">8,383</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">388</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">37,479</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">90,565</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Own agricultural produce consumed</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,477</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">2,477</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">31,150</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">13,165</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">10,860</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">388</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">37,479</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">93,042</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt 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: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>14.</B></TD><TD><B>Biological assets (continued)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 35.45pt">Biological assets as of June 30, 2017
and December 31, 2016 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 1px solid; text-align: center">June 30,<BR>2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<BR>2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255) ">
    <TD STYLE="font-weight: bold; text-align: left">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left">Cattle for dairy production</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">7,061</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 17%; text-align: right">6,584</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Breeding cattle</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,533</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Other cattle</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">363</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">399</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">8,951</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">8,516</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Breeding cattle</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other cattle</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Sown land &ndash; crops</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Sown land &ndash; rice</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Sown land &ndash; sugarcane</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">71,017</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">82,380</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">93,645</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">136,888</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total biological assets</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">102,596</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">145,404</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>15.</B></TD><TD><B>Financial instruments</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">As of June 30, 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; 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">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 June 30, 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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2017</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 1</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level 2</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: left; padding-bottom: 1px">Derivative financial instruments</TD><TD STYLE="width: 5%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1px solid; text-align: right">2,510</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1px solid; text-align: right">505</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 1px solid; text-align: right">3,015</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">2,510</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">505</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">3,015</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Derivative financial instruments</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(122)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,689)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(1,811)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(122)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(1,689)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">(1,811)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 9pt 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: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>15.</B></TD><TD><B>Financial instruments</B> <B>(continued)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 35.45pt">When no quoted prices
in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group
uses a range of valuation models for this purpose, details of which may be obtained from the following table:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Pricing<BR>
Method</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Parameters</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Pricing Model</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Level</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 20%">Futures</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">Quoted price</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">-</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: center">-</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">1</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(3,608)</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Options</TD><TD>&nbsp;</TD>
    <TD>Quoted price</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">-</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,996</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Foreign-currency interest-rate swaps</TD><TD>&nbsp;</TD>
    <TD>Theoretical price</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Swap curve</TD><TD>&nbsp;</TD>
    <TD>Present value method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: top">256</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">Interest-rate swaps</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px">Theoretical price</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1px">Swap curve; <BR> Money market interest-rate curve </TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1px; text-align: left; vertical-align: top">Present value method</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1px; vertical-align: top">2</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right; vertical-align: top">(1,440)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3px">&nbsp;</TD><TD STYLE="padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 3px">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">1,204</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 9pt 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: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notes to the 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 2.85pt 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>16.</B></TD><TD><B>Trade and other receivables, net</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30,<BR> &nbsp;2017</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December<BR> 31, 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Non current</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-bottom: 1px">Trade receivables</TD><TD STYLE="width: 5%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right">1,759</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: right">1,802</TD><TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Trade receivables &ndash; net</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">1,759</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">1,802</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Advances to suppliers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,930</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Income tax credits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,264</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,472</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-income tax credits (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,457</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,853</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Judicial deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1px">Other receivables</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,542</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,075</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Non current portion</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">18,002</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">17,412</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Trade receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Receivables from related parties (Note 25)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,313</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,114</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Less: Allowance for trade receivables</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(708)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">(643)</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Trade receivables &ndash; net</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">76,063</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">69,017</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,821</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,302</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Advance to suppliers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Income tax credits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-income tax credits (i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,901</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,572</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Cash collateral</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Receivables from related parties (Note 25)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,228</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Other receivables</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4,735</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4,352</TD><TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1px">Subtotal</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">106,313</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">88,511</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1px">Current portion</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">182,376</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">157,528</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total trade and other receivables, net</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">200,378</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">174,940</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) Includes US$ 625 for the six month
period ended June 30, 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: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><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: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">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: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">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: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30,<BR> 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<BR> 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 62%; text-align: left">US Dollar</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">65,267</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">54,012</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Argentine Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,641</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Uruguayan Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">762</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">90,038</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">74,525</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right"><B>200,378</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right"><B>174,940</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right"><B>&nbsp;</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of June 30, 2017 trade
receivables of US$ 21,055 (December 31, 2016: US$ 14,641) were past due but not impaired. The ageing analysis of these receivables
indicates that US$ 4,787 and US$ 5,264 are over 6 months in June 30, 2017 and December 31, 2016, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">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: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Inventories</B></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30,<BR> 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<BR>
2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 62%; text-align: left">Raw materials</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">54,945</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">42,108</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Finished goods</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,191</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Stocks held by third parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,308</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Others</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">175</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">147</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right"><B>151,052</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 3px double; text-align: right"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right"><B>111,754</B></TD><TD STYLE="border-bottom: Black 3px double; text-align: right"><B>&nbsp;</B></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>
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<P STYLE="margin: 0pt 0; text-align: center; font: 14pt Times New Roman, Times, Serif"><B>Adecoagro S.A.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>18.</B></TD><TD><B>Cash and cash equivalents</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30,<BR> 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31, <BR> 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 62%; text-align: left">Cash at bank and on hand</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">122,325</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">130,001</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Short-term bank deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">97,609</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">28,567</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">219,934</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">158,568</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>19.</B></TD><TD><B>Shareholder&rsquo;s Contributions</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Number of<BR> shares<BR> (thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Share capital<BR> and share<BR> premium</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 62%; font-weight: bold">At January 1, 2016</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right">122,382</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font-weight: bold; text-align: right">1,121,247</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Employee share options exercised (Note 20)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">323</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Restricted share vested</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">3,225</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">At June 30, 2016</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">122,382</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">1,124,795</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">At January 1, 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">122,382</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,120,823</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Restricted share vested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Purchase of own shares</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">-</TD><TD STYLE="text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; text-align: right">(7,438)</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">At June 30, 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">122,382</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">1,117,534</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">On September 24, 2013, the Board of Directors of
the Company authorized a share repurchase program for up to 5% of its outstanding shares. The &nbsp;repurchase program has been
reauthorized by the Board of Directors following each 12-month period since its inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">On August 11, 2017, the Board of Directors authorized
the extension of the program for an additional twelve-month period ending on September 23, 2018. Repurchases of shares under the
program may be made from time to time (i) in open market transactions in compliance with the trading conditions of Rule 10b-18
under the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations thereuner; and (ii) through privately
negotiated transactions. The share repurchase program does not require Adecoagro to acquire any specific number or amount of shares
and may be modified, suspended, reinstated or terminated at any time in the Company&rsquo;s discretion and without prior notice.
The size and the timing of repurchases will depend upon market conditions, applicable legal requirements and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">As of June 30, 2017, the Company repurchased an aggregate of 3,669,516 shares under the program, of which 2,091,922 have been used to cover the exercise of options under the Company's employee stock option plan and to issue shares pursuant to the Company's restricted stock unit plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">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&rsquo;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.<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><B>(a)</B></TD><TD STYLE="text-align: justify"><B>Option Schemes</B></TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">No expense was accrued for both periods under
the Options Schemes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">As of June 30, 2017 nil
options (June 30, 2016: 36,768) were exercised, and nil (June 30, 2016: 40,100) were forfeited.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><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: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">As of June 30, 2017, the
Group recognized compensation expense US$ 2.8 million related to the restricted shares granted under the Restricted Share Plan
(June 30, 2016: US$ 2.5 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">For the six-month period
ended June 30, 2017, 484,098 Restricted Stock Units were granted, (June 30, 2016: 464,139), 489,415 vested, (June 30, 2016: 453,001),
and 6,140 were forfeited (June 30, 2016: 17,505).</P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

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

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>21.</B></TD><TD><B>Trade and other payables</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 15pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, <BR>2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31, <BR>2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 62%; text-align: left">Payable from acquisition of property, plant and equipment (i)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">521</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,042</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">371</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">385</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">892</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">1,427</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,325</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Advances from customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,070</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Amounts due to related parties (Note 25)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,152</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Taxes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,642</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payables from acquisition of property, plant and equipment - Non Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">523</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Other payables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">286</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,238</TD><TD STYLE="text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">61,774</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">92,158</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total trade and other payables</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">62,666</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">93,585</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15pt">(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: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The fair values of current
trade and other payables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current
trade and other payables approximate their carrying amount, as the impact of discounting is not significant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>22.</B></TD><TD><B>Borrowings</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif; margin-left: 15pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30,<BR>
 2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<BR>
2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 62%; text-align: left">Bank borrowings (*)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">537,413</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">430,202</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Obligations under finance leases</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">71</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">102</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">537,484</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">430,304</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Bank overdrafts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Bank borrowings (*)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,571</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Obligations under finance leases</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">53</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">79</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">256,795</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">205,092</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total borrowings</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">794,279</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">635,396</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">(*) 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: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">As of June 30, 2017, total
bank borrowings include collateralized liabilities of US$ 638,143 (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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>
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<P STYLE="margin: 0pt 0; text-align: center; font: 14pt Times New Roman, Times, Serif"><B>Adecoagro S.A.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>22.</B></TD><TD><B>Borrowings (continued)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The maturity of the Group&rsquo;s
borrowings (excluding obligations under finance leases) and the Group&rsquo;s exposure to fixed and variable interest rates is
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, <BR>2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<BR> 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Fixed rate:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 62%; text-align: left">Less than 1 year</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">154,118</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">67,682</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Between 1 and 2 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,525</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,630</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Between 2 and 3 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,171</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,047</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Between 3 and 4 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,857</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Between 4 and 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,477</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">More than 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">11,422</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">20,239</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">285,497</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">214,571</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left">Variable rate:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Less than 1 year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,624</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">137,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Between 1 and 2 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,517</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Between 2 and 3 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,564</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,947</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Between 3 and 4 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,457</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Between 4 and 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,953</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,309</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">More than 5 years</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">13,289</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">14,083</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">508,658</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">420,644</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">794,155</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">635,215</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">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: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, <BR>2017</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<BR> 2016</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>Currency</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 62%; text-align: left">US Dollar</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">596,272</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">437,307</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Brazilian Reais</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">190,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,903</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Argentine Peso</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">7,871</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">1,186</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">794,279</TD><TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">635,396</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The carrying amount of short-term
borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate
their fair value. The fair value of long-term subject to fix rate do not significant differ from their fair value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these condensed consolidated interim financial statements.</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><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: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">June 30, <BR>2017</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">December 31,<BR>2016</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(unaudited)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="width: 64%; text-align: left; padding-bottom: 1px">Social security payable&#9;</TD><TD STYLE="width: 3%; color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1px solid; color: black; text-align: right">1,070</TD><TD STYLE="width: 1%; padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1px solid; text-align: right">1,235</TD><TD STYLE="width: 1%; padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">1,070</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">1,235</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold">Current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Salaries payable&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">10,094</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,351</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left">Social security payable&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">3,478</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Provision for vacations&#9;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">11,238</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,109</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="text-align: left; padding-bottom: 1px">Provision for bonuses&#9;</TD><TD STYLE="color: black; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; text-align: right">3,214</TD><TD STYLE="padding-bottom: 1px; color: black; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; text-align: right">4,321</TD><TD STYLE="padding-bottom: 1px; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1px">&nbsp;</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">28,024</TD><TD STYLE="padding-bottom: 1px; color: black; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: right">26,844</TD><TD STYLE="padding-bottom: 1px; font-weight: bold; text-align: left; border-bottom: Black 1px solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 3px">Total payroll and social security liabilities</TD><TD STYLE="color: black; font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">29,094</TD><TD STYLE="padding-bottom: 3px; color: black; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font-weight: bold; text-align: right">28,079</TD><TD STYLE="padding-bottom: 3px; font-weight: bold; text-align: left; border-bottom: Black 3px double">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>24.</B></TD><TD><B>Provisions for other liabilities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Adecoagro S.A.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>25.</B></TD><TD><B>Related-party transactions</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2.55pt 0 0; 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: 0 2.55pt 0 18pt; 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: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>Related
    party</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>Relationship</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>Description
    of</B><BR>
    <B>transaction</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>Income
    (loss) included in</B><BR>
    <B>the statement of income</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>Balance
    receivable</B><BR>
    <B>(payable)</B></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>June
    30,</B><BR>
    <B>2017</B></TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>June
    30,</B><BR>
    <B>2016</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>June
    30,</B><BR>
    <B>2017</B></TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif"><B>December</B><BR>
    <B>31, 2016</B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(unaudited)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(unaudited)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">(unaudited)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="width: 15%; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">Mario Jorge
    de Lemos Vieira/ Cia Agropecuaria Monte Alegre/ Alfenas Agricola Ltda/ Marcelo Weyland Barbosa Vieira/ Paulo Albert Weyland
    Vieira&nbsp;</TD>
    <TD STYLE="width: 2%; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: left; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">(i)</TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: left; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">Receivables
    (Note 16)</TD>
    <TD STYLE="width: 2%; text-align: left; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">1,228</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">172</TD>
    <TD STYLE="width: 1%; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">Payables (Note 21) &#9;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">(15)</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">(701)</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">CHS Agro</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">Joint venture</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">Services</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">48</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">45</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">Sales of good</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">366</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">Payables (Note 21) &#9;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">(215)</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">(451)</FONT></TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">Interest income</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">163</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">163</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">Receivables (Note 16)</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">-</FONT></TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">-</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif">8,313</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: White; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">8,114</FONT></TD>
    <TD STYLE="background-color: White; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">Directors and senior management</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">Employment</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">Compensation selected employees</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">(2,046)</FONT></TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">(2,352)</FONT></TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">(15,279)</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">(17,355)</TD>
    <TD STYLE="background-color: rgb(229,255,255); font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Adecoagro S.A.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><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: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The information presented
in the accompanying condensed consolidated interim financial statements (&ldquo;interim financial statements&rdquo;) as of June
30, 2017 and for the six-month periods ended June 30, 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 June 30, 2017, results of operations and cash flows for the
six-month periods ended June 30, 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: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.4pt">In May 2014, the IASB
issued IFRS 15, &ldquo;Revenue from contracts with customers&rdquo;, 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: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In January 2016, the
IASB finished its long-standing project on lease accounting and published IFRS 16, &lsquo;Leases&rsquo;, which replaces the current
guidance in IAS 17. This will require far-reaching changes in accounting by lessees in particular. The standard applies to annual
periods beginning on or after 1 January 2019, with earlier application permitted if IFRS 15, &lsquo;Revenue from Contracts with
Customers&rsquo;, is also applied.</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: 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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Adecoagro S.A.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>26.</B></TD><TD STYLE="text-align: justify"><B>Basis of preparation and presentation (continued)</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&#9;<I>Seasonality
of operations</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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, 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<FONT STYLE="color: red"> </FONT>of
biological assets and agricultural produce.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><B>27.</B></TD><TD STYLE="text-align: justify"><B>Critical accounting estimates and judgments</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The Group&rsquo;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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral
part of these condensed consolidated interim financial statements.</P>

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