Institutional Presentation Disclaimer This presentation may contain certain forward-looking statements and information relating to Adecoagro S.A. and its subsidiaries (collectively, “Adecoagro” or the “Company”) that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe”, “anticipate”, “expect”, “envisages”, “will likely result”, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, shall the Company or any of its subsidiaries, affiliates, directors, officers, agents or employees be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. No reliance may be placed for any purpose whatsoever on the information contained in this presentation or on its completeness. No representation or warranty, express or implied, is or will be made or given by the Company or any of its affiliates or directors or any other person as to the accuracy or completeness of the information or opinions contained in this presentation and no responsibility or liability is or will be accepted for any such information or opinions. This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without the prior written consent of the Company. This presentation does not constitute or form any part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. For further information regarding risks, uncertainties and assumptions which may affect our expectations of future performance, please see the registration statement we have filed with the United States Securities and Exchange Commission on Form F-3, including, without limitation, the sections titled "Risk Factors" and "Forward-Looking Statements" included within such registration statement. 2 Non-GAAP Financial Measures and Reconciliation This presentation contains unaudited non-GAAP financial information. We present Adjusted Consolidated EBITDA, Adjusted Segment EBITDA, Adjusted Consolidated EBIT and Adjusted Segment EBIT as supplemental measures of performance of the Company and of each operating segment, respectively, that are not required by, or presented in accordance with IFRS. Our Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDAs for each of our operating segments. We define Adjusted Consolidated EBITDA as consolidated net profit or loss for the year or period, as applicable, before interest expense, income taxes, depreciation and amortization, foreign exchange gains or losses, other net financial expenses and unrealized changes in fair value of our long-term biological assets, primarily our sugarcane and coffee plantations, and cattle stocks. We define Adjusted Segment EBITDA for each of our operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before depreciation and amortization and unrealized changes in fair value of our long-term biological assets. We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are for the Company and each operating segment, respectively important measures of operating performance because they allow investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), tax consequences (income taxes), unrealized changes in fair value of biological assets (a significant noncash gain or loss to our consolidated statements of income following IAS 41 accounting), foreign exchange gains or losses and other financial expenses. Other companies may calculate Adjusted Consolidated EBITDA and Adjusted Segment EBITDA differently, and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures used by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment’s profit from operations before financing and taxation and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental measure of our operating performance of the Company, and of each of our operating segments, respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts, investors and others to evaluate the financial performance of our company and other companies in the agricultural industry. These non-IFRS measures should be considered in addition to, but not as a substitute for or superior to, the information contained in either our statements of income or segment information. Our Adjusted Consolidated EBIT equals the sum of our Adjusted Segment EBITs for each of our operating segments. We define Adjusted Consolidated EBIT as consolidated net profit or loss for the year or period, as applicable, before interest expense, income taxes, foreign exchange gains or losses, other net financial expenses and unrealized changes in fair value of our long-term biological assets, primarily our sugarcane and coffee plantations, and cattle stocks. We define Adjusted Segment EBIT for each of our operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before unrealized changes in fair value of our long-term biological assets. We believe that Adjusted Consolidated EBIT and Adjusted Segment EBIT are for the Company and each operating segment, respectively important measures of operating performance because they allow investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, from period to period by including the impact of depreciable fixed assets and removing the impact of our capital structure (interest expense from our outstanding debt), tax consequences (income taxes), unrealized changes in fair value of biological assets (a significant non-cash gain or loss to our consolidated statements of income following IAS 41 accounting), foreign exchange gains or losses and other financial expenses. Other companies may calculate Adjusted Consolidated EBIT and Adjusted Segment EBIT differently, and therefore our Adjusted Consolidated EBIT and Adjusted Segment EBIT may not be comparable to similarly titled measures used by other companies. Adjusted Consolidated EBIT and Adjusted Segment EBIT are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment’s profit from operations before financing and taxation and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBIT and Adjusted Segment EBIT are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBIT and Adjusted Segment EBIT should only be used as a supplemental measure of our operating performance of the Company, and of each of our operating segments, respectively. We believe Adjusted Consolidated EBIT and EBITDA and Adjusted Segment EBIT and EBITDA are useful for securities analysts, investors and others to evaluate the financial performance of our company and other companies in the agricultural industry. 3 Agenda I. Adecoagro Overview II. Investment Highlights III. Value Creation & Financial Performance IV. Key Takeaways V. Appendix 4 Adecoagro Overview We are a leading agricultural company in South America We are a food and renewable energy LOW COST PRODUCER We own land and transform it into its highest production capabilities We own and operate industrial assets to process our production We run our business under a sustainable production model focused on profitability 5 Adecoagro Overview Farming Land Transformation Sugar, Ethanol & Energy Diversified farming business • Crops (Corn, Soy, Wheat, Sunflower, Cotton) • Rice • Dairy 122k hectares of owned, croppable land spread across the most productive regions Own handling, storage and processing facilities Acquisition of under-utilized and undermanaged farmland Transforming land into its highest productive capabilities, thus increasing its value Strategic sales of mature land in order to recycle capital for new investment Fully-integrated producer of sugar, ethanol and energy 10.2 million tons of sugarcane crushing capacity Focus on investment in farm and plant efficiency to drive returns • Co-generation capacity • Owned sugarcane plantations • Mechanized farm operations Producing each crop in the right location driving low cost production Positive track record of consistent land sales generating strong capital gains Focus on building a unique business model extracting higher value per ton 6 Following 13 Years of Sustained Growth, Adecoagro Has Become a Leading Agribusiness Company Corporate Timeline Sugarcane Crushing Capacity (MM Tons) Sugarcane Crushing –Capacity (MM tons) – – 0.9 0.9 Production (K tons) (1) Owned Area (K ha) Legend: 132 0.9 1.7 3.3 278 273 5.2 5.2 293 283 7.2 284 7.2 257 239 134 1,670 60 2002 75 120 184 266 2003 2004 2005 2001 – 2003: The First Steps 10.2 269 110 75 7.2 621 682 679 2007 2008 2009 1,088 1,143 1,245 1,352 2010 2011 2012 2013 407 2006 2004 – 2007: Regional Expansion and entry into S&E 2008 – 2009: Consolidation 2014 2015 2010-Now: Second Growth Wave Regional Expansion Note: (1) Includes Crops, Rice, Milk, Sugar and Ethanol. Milk and Ethanol converted to Tons at density ratios of 1.035 Ton/M3 and 0.789 Ton/M3 respectively 7 Ownership Breakdown Top Shareholders Others 18.3% Soros 20.8% Wellington 3.8% QIA 12.8% Stitchting 12.4% Fund Name Soros Fund Management LLC Qatar Investment Authority Stitchting Pensioenfonds Zorg en Welzjin Ospraie Management LLC Management & Directors Jennison Associates LLC Brandes Investment Partners LP Wellington Management Co. LLP Tradewinds Global Investors LLC Global Thematic Partners LLC Others Total Shares Outstanding Shares % O/S 26,024,803 20.8% 15,983,265 12.8% 15,531,385 12.4% 10,850,214 8.7% 7,735,852 6.2% 7,925,623 6.3% 6,475,614 5.2% 4,711,480 3.8% 3,261,830 2.6% 3,023,576 2.4% 23,471,589 18.8% 124,995,231 100.0% 8 Agenda I. Adecoagro Overview II. Investment Highlights III. Value Creation & Financial Performance IV. Key Takeaways V. Appendix 9 Investment Highlights Highly Qualified and Experienced Management Team Strong Outlook for Global Agribusiness Sector High Quality and Diversified Asset Base Significant and Identified Growth Opportunities Sustainable Production Model Focused on Low Cost and Profitability Adecoagro is a unique opportunity to invest in the South American agribusiness sector 10 Strong Outlook for Global Agribusiness Sector Population Growth ► Developing countries are expected to increase their population at a high rate ► Global population is expected to reach 9 billion by 2050 Billions Population growth 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 - 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 Developing Countries Developed Countries Source: World Bank Per capita meat consumption (2000=100) ► Higher meat and biofuel consumption ► Developing countries will considerably increase per capita meat consumption during the next 10 years Increase in blending of biofuels with gasoline 180 160 140 120 100 80 2000 2004 2008 2012 BRIC 2016 2020 2024 EU Source:FAPRI Arable land per habitant 0.30 0.25 0.20 2009 2006 2003 2000 1997 1994 1991 1988 1985 1982 1979 1976 1973 0.15 1970 Every year land becomes a more scarce, and therefore, a more valuable asset 0.35 1967 ► 0.40 1964 Land scarcity increases as world population grows The amount of arable land is fixed while world population continues growing 1961 ► Hectares per habitant Source: World Bank 11 South America Offers the Most Competitive Conditions to Take Advantage of the Growing Demand Key Competitive Advantages Available Land for Expansion Million hectares of uncultivated land 1 Appropriate soil for farming Sub-Saharan Africa 2 Regular rainfall 3 Adequate solar energy 4 Economies of scale 5 Low cost of land 6 Advanced technology 7 Qualified labor 8 201,8 Latin Am erica & Caribbean 123,3 Rest of World 52,1 Eastern Europe & Central Asia 51,1 East & South Asia 14,8 Middle East & North Africa 2,7 Logistics infrastructure 0 50 100 150 200 250 Source: The World Bank, 2010 Brazil and Argentina are two of the most important suppliers of agro-commodities in the world 12 Investment Highlights Highly Qualified and Experienced Management Team Strong Outlook for Global Agribusiness Sector High Quality and Diversified Asset Base Significant and Identified Growth Opportunities Sustainable Production Model Focused on Low Cost and Profitability Adecoagro is a unique opportunity to invest in the South American agribusiness sector 13 High Quality and Diversified Asset Base Western Bahia Western Bahia Mato Grosso do Sul 20k owned ha(1) 13k owned ha Peru 9.0 MT of sugarcane crushing Brazil Total Farms BOLIVIA Bolivia 33 Farms 257K ha of owned land (1) Northern Argentina Industrial Facility Farm 183k owned ha 3 rice mills 4 grain handling and storage facilities $884 MM appraisal by Cushman & Wakefield (1) Paraguay Chile Minas Gerais 1.2MT of sugarcane crushing Argentina Total TotalIndustrial IndustrialAssets Assets 3 Sugar & Ethanol Mills Humid Pampas 38k owned 3 Rice Mills ha(1) 2 Free Stall Dairy Operation 3 grain handling and storage facilities 2 Free Stall Dairies 10 Grain Conditioning and Storage Plants Uruguay Uruguay 3k owned ha (1) Cushman and Wakefield Appraisal as of September 30, 2014 14 Land Under Management Current Land Breakdown (hectares) Owned Land 434,660 114,341 63,283 257,036 44,610 63,336 122,138 212,426 17,807 9,145 Crops & Rice Sugarcane Potentially Croppable Land Cattle Grazing Total Productive Farmland Land Total Owned Reserves Land Leased Crops Leased Total Land Sugarcane Under Management 15 State-of-the-art Sugar, Ethanol and Energy Mills Usina Monte Alegre Mill Location: Minas Gerais Capacity:1.2 million tons Production: Sugar – 80,000 tons Ethanol – 30,000 m3 Energy – 54,000 MWh Competitive Advantages Angelica Mill (Cluster) Full Cogeneration Capacity Location: Mato Grosso do Sul Capacity: 4.0 million tons Cane Supply – 95% Owned Production: Sugar – 330,000 tons Ethanol – 220,000 m3 Energy – 248,000 MWh Low Lease Rates Tax Advantages Ivinhema Mill (Cluster) Location: Mato Grosso do Sul Capacity: 5.0 million tons Production: Sugar – 320,000 tons Ethanol – 240,000 m3 Energy – 360,000 MWh 16 Ivinhema Mill Will Complete Our 10 MM Ton Sugar & Ethanol Cluster, Providing Synergies & Economies of Scale Overview / Rationale 2 mills, 45km apart 120k hectares of sugarcane AngelicaMill Mill Angelica Ivinhema (2nd mill) Project 1st Phase: 2.0 million tons - completed 2nd Phase: 5.0 million tons – completed March 2015 Synergies / Economies of Scale Ivinhema Ivinhema Mill Mill One large plantation supplying two mills Centralized management team Optimize sugarcane logistics Harvest efficiencies and flexibility Viability of participation in logistics projects Source: Google 17 Investment Highlights Highly Qualified and Experienced Management Team Strong Outlook for Global Agribusiness Sector High Quality and Diversified Asset Base Significant and Identified Growth Opportunities Sustainable Production Model Focused on Low Cost and Profitability Adecoagro is a unique opportunity to invest in the South American agribusiness sector 18 Sustainability Is Key To Ensure Long Term Profitability Farming and Land Transformation Sugar, Ethanol and Energy No Till Technology Enhances Soil Productivity, Reduces Cost and Increases Land Value Low cost sugarcane production Cost Fertile soils Favorable climate conditions Zone of active decomposition Low land competition from other mills and crops Mechanized harvest and planting Zone of active agregation Optimum Scale Aggregates formation in layers 0-5 cm Source: J.C.Moraes Sa, 2003 Sustainable Production Model is Centered on No Till And Best Practices Crop Rotation Highest industrial efficiency High sugar extraction (minimize losses) Full cogeneration capacity Flexibility in sugar and ethanol production Full utilization and recycle of by-products Water Economy Biotech Integrated Pest Management Production NO TILL Fertilization Moraes Sa, 2003 adapted by Company 19 Investment Highlights Highly Qualified and Experienced Management Team Strong Outlook for Global Agribusiness Sector High Quality and Diversified Asset Base Significant and Identified Growth Opportunities Sustainable Production Model Focused on Low Cost and Profitability Adecoagro is a unique opportunity to invest in the South American agribusiness sector 20 Significant and Identified Growth Opportunities Farming & Land Transformation Land Acquisitions Land Transformation Identified Opportunities Sugar, Ethanol & Energy Complete Ivinhema / Angélica cluster in MS Expand milling capacity up to 10 mm tons Opportunistic Land Leasing Expand sugarcane plantations area Downstream vertical integration Increase cogeneration capacity M&A Potential Opportunities Identify new cluster opportunities Opportunistic purchases M&A We will continue to be disciplined in our deployment of capital with a focus on returns on invested capital 21 Investment Highlights Highly Qualified and Experienced Management Team Strong Outlook for Global Agribusiness Sector High Quality and Diversified Asset Base Significant and Identified Growth Opportunities Sustainable Production Model Focused on Low Cost and Profitability Adecoagro is a unique opportunity to invest in the South American agribusiness sector 22 Highly Qualified and Experienced Management Team Board Members Qualified Management Team Name Position Mariano Bosch CEO Age 45 Past Experience Agribusiness entrepreneur Years with Company Since inception Name Position Experience Abbas Farouq Zuaiter Chairman Mariano Bosch Director / CEO Noble Group / Citibank N.A. 5 39 Marval, O’Farrell & Mairal Since inception Marcelo Sanchez Chief Commercial Officer 53 Commercial agribusiness entrepreneur Since inception Renato Junqueira Director of Sugar & Ethanol Operations 38 Usina Moema 4 Charlie Boero Hughes CFO 49 Emilio Gnecco Chief Legal & M&A Officer Pepe Imbrosciano Director of Business Development Leonardo Berridi Country Manager for Brazil 46 55 Ezequiel Garbers Country Manager for Argentina and Uruguay 49 Hernan Walker Head of Investor Relations 33 Agribusiness sector Agribusiness sector Agribusiness entrepreneur Business development and reporting Alan Boyce Director 11 9 Andres Velasco Director Daniel Gonzalez Director Dwight Anderson Director Guillaume van der Linden Director Advisor to Soros Fund Management LLC Over 20 years of financial markets and managerial experience Co-founder and CEO of Adecoagro Over 18 years of managerial experience in the agribusiness sector Co-founder of Adecoagro and Board Member since inception Over 20 years of financial markets and managerial experience Former Minister of Finance of Chile (2006-2010) Former president of the Latin American and Caribbean Economic Association from 2005 to 2007 Former President for the Southern Cone of Merrill Lynch Current Chief Financial Officer of YPF Managing Partner of Ospraie Management LLC Over 20 years of experience in basic industries and commodities investments Head of Investment Management at PGGM Vermogensbeheer B.V. Over 20 years of financial markets and managerial experience Co-founder and Chief Commercial Officer at Adecoagro Over 22 years of experience in agricultural business trading and market development Mark Schachter Director Managing Partner of Elm Park Capital Management Over 10 years of financial markets and managerial experience Plínio Musetti Director Partner in the private equity group of Pragma Patrimonio Over 20 years of CEO and Private Equity experience Marcelo Sanchez Director 12 8 Marcelo Vieira Director Board member of UNICA and VP of Sociedad Rural Brasilera Over 40 years of agribusiness management 23 Agenda I. Adecoagro Overview II. Investment Highlights III. Value Creation & Financial Performance IV. Key Takeaways V. Appendix 24 Generating Value For Our Shareholders Main Sources of Returns Cash-on-Cash Return Land Transformation On-Going Land Transformation Land Appreciation ► Return generated by planting, harvesting, processing and selling ► Achieved by high productivity, cost efficiency and selling at high prices ► Return generated by enhancing the quality, productivity and value of farmland ► Achieved by transforming undeveloped or undermanaged land into high yielding croppable land ► Return generated by applying a sustainable production model on our farm operations ► Achieved by applying no-till technology, crop rotations, and other best practices on our farms ► Return generated by increasing land prices as a result of supply and demand dynamics ► Such include: commodity prices, population growth, protein and biofuels demand, etc. Flows through P&L? Controlled by AGRO? 25 Land Transformation is a Key Element of Our Business and a Driver of Value Creation Land Transformation Process Identify undermanaged land Design specific production model Acquire land Key Competitive Advantages Full Rotation & High Yields Specialized department responsible for analysis of all investments and sales Medium-Low Yield Crops Year 5 Natural Grasses Year 2 Reaching its highest production capabilities Over 10MM ha evaluated since inception Sophisticated methodology to analyze investment projects, integrating financial, production and environmental expertise Strong reputation as one of the market leaders in the sector Year 1 Strong Track Record of Capitalizing Gains from Land Transformation 66 hectares Capital gains for over $185 million Cash $274 million 33.1 18.8 27.5 28.2 25.6 20.0 15.2 8.8 7.6 Sold ha 2006 2007 2008 2009 2010 2011 2012 2013 2014 3,507 8.714 4,857 5,005 5,086 2,439 9,475 14,176 12,887 N.A 33% 20% 19% 23% 23% 17% 28% % Over Appraisal N.A 26 Farmland Portfolio Cushman & Wakefield Appraisal ($ MM) 278.3K ha 4,3K ha $59.4 2.9 % 257.1K ha $24.5 $919.3 $884.4 257.1K ha $185.4 C&W 2013 Appraisal 1) 2) Farm Sales (1) Land Transformation & Appreciation C&W 2014 Appraisal (2) Farmland Book Value In June, 2014, we completed the sale of a 49.0% interest in Global Anceo S.L.U and Global Hisingen S.L.U, two Spanish subsidiaries. Net of minority interests 27 Financial Summary Net Sales(1) Evolution ($ MM) Sales Diversification (2014FY) 695 Other 592 5% 530 297 269 402 3% 11% Corn 379 10 % Ethanol 259 1% Wheat 2 1% 314 244 Soybean Energy 625 204 15 % 98 Rice 51 193 216 271 327 322 316 26% 5% 0% 0% 198 Dairy Sugar 2008 2009 2010 Farming and Land 2011 2012 2013 2014 Sugar and Ethanol Notes (1) Net Sales is calculated as Sales less sugar and ethanol sales taxes 28 Financial Summary Definition of Adjusted EBITDA The company has prepared its financial statements in accordance with IFRS Based on the financials, we developed the Adjusted EBITDA metric, which allows investors to measure and compare the operating results of the company and each operating segment. Adj. EBITDA Evolution ($ MM) Adj. EBITDA by Business (2014FY) 216 36% 181 150 95 141 115 110 98 3 59 52 66 67 69 (27) (22) (22) (27) 2009 2010 2011 (7) (23) 2008 154 52 29 Farming & Land Trans. 89 85 (25) (23) (23) 2012 2013 2014 Sugar & Ethanol Farming & Land Transformation Sugar, Ethanol & Energy 64% Corporate 29 Consolidated Financial and Operational Overview 2010-2016 CAPEX Evolution Sugar, Ethanol & Energy Farming & Land Transformation 325 326 237 192 155 37 2010 177 295 105 72 2011 316 227 180 160 90 80 30 2012 10 2013 11 2014 2015 2016 30 Net debt As of December 31st, 2014 4Q14 Debt Term Structure 4Q14 Net debt ($ Millions) 699 585 S&E Farming 30% 596 70% Short term Long Term 114 103 Debt Cash Net debt 4Q14 Debt Currency Structure 2% 46% Average Interest Rate (1) USD BRL ARS 52% (1) A s o f December 31, 2014 Brazilian Reals US Dollars 5.0% 6.4% 15.3% Total debt as of December 31, 2015, was of $699 million. 70% of our debt is in the long term, composed mainly of loans from multilateral banks (BNDES and IDB) Net debt as of December 31, 2014, was of $585 million Argentine Pesos 31 Agenda I. Adecoagro Overview II. Investment Highlights III. Value Creation & Financial Performance IV. Key Takeaways V. Appendix 32 Key Takeaways ► WE ARE A LOW COST PRODUCER ► We have a unique and well diversified asset base ► We have a proven track record of consistent land sales generating strong capital gains ► We have a unique sugar, ethanol and energy business model that extracts higher value per ton crushed ► We have a concrete growth plan and the right people to execute it 33 Agenda I. Adecoagro Overview II. Investment Highlights III. Value Creation & Financial Performance IV. Key Takeaways V. Appendix 34 Consolidated Financial and Operational Overview Area & Production 2010 2011 2012 2013 2014 Chg% 183,454 53,799 192,207 65,308 232,547 85,663 219,305 99,409 225,331 124,412 2.7% 25.2% 618,834 4,066,115 666,589 4,168,082 738,847 4,488,935 699,179 6,417,951 848,843 7,232,827 21.4% 12.7% 2010 2011 2012 2013 2014 Chg% Farming & Land Transformation 197,741 270,766 322,368 327,163 315,837 (3.5%) Sugar, Ethanol & Energy Total 204,256 401,997 258,939 529,705 271,447 593,815 297,265 624,428 378,633 694,470 27.4% Adjusted EBITDA 2010 2011 2012 2013 2014 Chg% Farming & Land Transformation 65,735 67,444 68,647 88,942 85,246 (4.2%) 51,735 (22,353) 95,117 109,507 (26,885) 150,066 97,505 (25,442) 140,710 115,239 (23,478) 180,704 153,532 (23,233) 215,545 27.6% 19.9% 17.3% 23.6% 23.3% (1.2%) 19.9% 23.7% 37.1% 28.3% 31.2% 23.7% 34.8% 28.9% 37.5% 31.0% 7.6% Farming Planted Area (ha) (1) Sugarcane Planted Area (hect.) (2) Farming Production (tons) Sugarcane Crushing (tons) Net Sales Sugar, Ethanol & Energy Corporate Total Adjusted EBITDA Margin Farming & Land Transformation(3) Sugar, Ethanol & Energy Total (3)(4) 11.2% 33.2% (1.0%) 19.3% 7.3% (1) Pl a nted Area i n 2014 i s for the 2014/15 s ea s on (2) Total Production for 2014 i s for the 2013/14 s ea s on (3) Corpora te expens es a l l oca ted 50% to Fa rmi ng & La nd Tra ns forma tion a nd 50% to Suga r, Etha nol & Energy (4) Ca l cul a ted over Net Sa l es . Net Sa l es i s ca l cul a ted a s Sa l es l es s s uga r a nd etha nol s a l es taxes . 35 Enhancing Margins Through Our Commercial Strategy Risk and Commercial Committee Competitive Advantages Composed by 3 Board Members + CCO + CFO. Own production information from our diverse locations Monthly meetings Own handling and logistic management Identify and asses operational and market risks Full use of hedging instruments Defines guidelines and policies for risk management Highly Qualified and Experienced Commercial Team Approves and controls Commercial and Financial Strategy Commercial Strategy 1 Manage production margins 2 Minimize risk exposure 3 More predictable EBITDA 4 5 Value Creation Strike Price Market Opportunities Margin Land Cost Hedge Stabilize CASH FLOW Premium Minimum Price (Breakeven) Direct Cost Cash Cost Quality Logistics Local Premiums Arbitrages For each product Own / Leased Inputs Land Labors Cash Cost Industrial cost Enhance the commercial performance 36 High CoGen Capacity Increases Capital Efficiency CoGen Exports per Ton of Cane Crushed (GWh/MMT) (GWh/MMT)(1) Co-Generation Assets 70.0 Long term contracts bring predictability of revenues and high returns Approximately 90% EBITDA margins Current cogeneration capacity of 152 MW (Angelica 96MW, Ivinhema 60.0 40MW and UMA 16MW), export capacity of 95MW Projected cogeneration capacity of 296 MW (export capacity of 206MW) in 2017 will boost projected revenues to $58MM per year Clean and renewable energy source UMA + Cluster 2014 Sugarcane cogen complements hydropower, Brazil’s main source of electricity – cane harvest occurs during dry season Capacity (MW) Cogeneration (MWh/year) UMA 16 47,000 Angélica 96 Ivinhema Total UMA + Cluster 2017 Hedge Price (BRL/MWh) Revenues (1) (MM BRL) 98% 234 11.5 240,000 91% 210 53.6 120 298,000 48% 334 103.6 232 585,000 70% 256 168.3 Hedge 37 Productive Figures Planted Area (thousand hectares) 250 232.6 218.6 219.3 2012/13 2013/14 225.3 192.4 200 183.5 153.0 150 119.0 97.4 100 69.7 49.4 50 36.7 26.1 0 2002/2003 2003/2004 2004/2005 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2014/15 38 Productive Figures Key Farming Business Productive Figures Rice (thousand tons) Crops (thousand tons) 202.6 205.5 643.4 524.9 172.0 171.3 564.8 496.6 488.2 343.8 351.8 317.6 171.4 73.2 99.0 98.6 95.0 91.7 205.6 37.2 43.2 102.3 51.7 19.4 2002/ 2003/ 2004/ 2005/ 2006/ 2007/ 2008/ 2009/ 2010/ 2011/ 2012/ 2013/ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2002/ 2003/ 2004/ 2005/ 2006/ 2007/ 2008/ 2009/ 2010/ 2011/ 2012/ 2013/ 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Milk (million liters) 80 73 43.1 51.4 47.5 55 41.6 34.6 19.9 18.5 18.5 22.6 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 39 Productive Figures Key Sugar, Ethanol and Energy Productive Figures Sugarcane Crushing (million tons) Sugarcane Plantation (thousand hectares) 7.2 6.4 124.4 99.4 88.6 4.1 4.2 4.4 2010 1011 2012 65.3 49.5 53.8 2.2 32.6 2008 1.4 2009 2010 2011 2012 2013 2014 2008 2009 Ethanol (thousand m3) 2013 Sugar (thousand tons) 413.7 299.8 268.1 174.3 161.4 2014 335.6 183.7 235.7 247.8 2010 2011 281.6 132.5 70.1 2008 2009 2010 2011 2012 2013 2014 67.8 53.0 2008 2009 2012 2013 2014 40 Thank you! ir.adecoagro.com Investor Relations Charlie Boero Hughes - CFO Email: [email protected] TEL: +5411 4836 8804 Hernan Walker - IR Manager Email: [email protected] TEL: +5411 4836 8651
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