APPRAISAL OF REAL PROPERTY

Rural Properties in Argentina and Uruguay EXECUTIVE SUMMARY

As of September 30, 2017

Prepared For:

ADECOAGRO

Fondo de La Legua 936, Martinez, B1640EDO.

Prepared By:

Cushman & Wakefield Argentina S.R.L. Valuation Services, Capital Markets Group Pellegrini 1141 6 piso.

Buenos Aires, C1009ABW

CUSHMAN & WAKEFIELD ARGENTINA S.R.L. 1141 PELLEGRINI STREET, 6 FLOOR, BUENOS AIRES, C1009ABW.

September 30, 2017

Mr. Mario Jose Imbrosciano Director/Business Development Adecoagro

Catamarca 3454.

Martinez, B1640FWB, Argentina.

Re: Appraisal of Real Property

Rural Properties in Argentina Brazil and Uruguay.

Dear Mr. Imbrosciano:

In fulfillment of our agreement as outlined in the Letter of Engagement, we are pleased to transmit our appraisal of the above property in a summary report dated September 30, 2017.

This report was prepared for Adecoagro for internal purposes and is intended only for their specified use. It may not be distributed to or relied upon by any other persons or entities without the written permission of Cushman & Wakefield Argentina S.R.L.

This executive summary is intended to comply with the reporting requirements.

The properties appraised are 19 rural properties located in Argentina totalizing 229.556 hectares, 1 located in Uruguay with 3.177hectares, 2 located in Dianopolis and 1 in Barreiras, totalizing 20,508 hectares and 4 in Angelica and 4 in Ivinhema, Brazil totalizing 13.291 hectares.

M A R K E T V A L U E A S I S

Based on the agreed to Scope of Work, and as outlined in the report, we developed an opinion that the Market Value of the Fee Simple estate of the above properties, subject to the assumptions and limiting conditions, certifications, extraordinary assumptions and hypothetical conditions, if any, and definitions, " As-is" on September 30, 2017, was:

U$S 900,745,840

NINE HUNDRED MILLION, SEVEN HUNDRED AND FORTY-FIVE THOUSAND, EIGHT HUNDRED AND FORTY US DOLLARS

PAGE 2 E X T R A O R D I N A R Y A S S U M P TIONS

This appraisal does not employ any hypothetical conditions.

HYPOTHETIC A L CONDITI O N S

This appraisal does not employ any hypothetical conditions.

This letter is invalid as an opinion of value if detached from the executive summary report, which contains the basis, scope and methodology.

Respectfully submitted,

CUSHMAN & WAKEFIELD ARGENTINA S.A

Julio C. Speroni

Valuation Manager, Argentina. Julio.speroni@sa.cushwake.com (5411) 5555-1119 Office Direct

G E N E R A L D E S C R I P T I O N

INTRODUCTION 1

BASIC INFORMATION

Property Name

Location

Land Area

Hec

LAS HORQUETAS

Buenos Aires

2086

MERIDIANO

Buenos Aires

6302

SAN CARLOS

Buenos Aires

4215

HUELEN

Buenos Aires

4633

ITA CAABO

Corrientes

22888

OSCURO

Corrientes

33429

DOÑA MARINA

Corrientes

14755

EL OMBU

Formosa

18321

LOS GUAYACANES

Salta

7242

LA GARRUCHA

Salta

3606

ABOLENGO

Santa Fe

7473

CARMEN

Santa Fe

10021

EL ORDEN

Santa Fe

6875

LA CAROLINA

Santa Fe

8444

LA ROSA

Santa Fe

4087

SAN JOAQUIN

Santa Fe

37273

SANTA LUCIA

Santiago del Estero

17495

LA GUARIDA

Santiago del Estero

15451

EL COLORADO

Santiago del Estero

4960

Totals

229556

Location: Argentina, Brazil and Uruguay Properties in Argentina

Property Name

Location

Land Area

Hec

LA PECUARIA

Durazno

3177

Properties in Uruguay

Property Name

Location

Land Area

Hec

Rio de Janeiro

Barreiras

10.012

Conquista

Dianopolis

4.415

Alto Alegre

Dianopolis

6.080

Totals

20.508

Properties in Brazil

VALUATION SERVICES

Adecoagro SA published this content on 13 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 November 2017 21:48:10 UTC.

Original documenthttp://ir.adecoagro.com/download/20171113182333.pdf

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