APPRAISAL OF REAL PROPERTY
Rural Properties in Argentina and Uruguay EXECUTIVE SUMMARYAs 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 SBased 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 900,745,840NINE 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 TIONSThis appraisal does not employ any hypothetical conditions.
HYPOTHETIC A L CONDITI O N SThis 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.AJulio C. Speroni Valuation Manager, Argentina. Julio.speroni@sa.cushwake.com (5411) 5555-1119 Office Direct |
INTRODUCTION 1
BASIC INFORMATIONProperty 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.
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