Adecoagro : Conference Call

4rd Quarter 2018

Earnings Webcast

March 15, 2019

This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. Theseforward-looking statements can be identified by words or phrases such as "anticipate," "forecast", "believe," "continue," "estimate," "expect," "intend," "is/are likely to," "may,""plan," "should," "would," or other similar expressions.

The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii) the implementation of our business strategy, including our development of the Ivinhema project; (iii) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (iv) the implementation of our financing strategy and capital expenditure plan; (v) the maintenance of our relationships with customers; (vi) the competitive nature of the industries in which we operate; (vii) the cost and availability of financing; (viii) future demand for the commodities we produce; (ix) international prices for commodities; (x) the condition of our land holdings; (xi) the development of the logistics and infrastructure for transportation of our productions in the countries where we operate; (xii) the performance of the South American and world economies; (xiii) weather and other natural phenomena; (xiv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; and (xv) developments in, or changes to, the laws, regulations and governmental policies governing our business, including environmental lawsand regulations.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our 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.

The forward-looking statements made in this press release related only to events or information as of the date on which the statements are made in this press release. We undertake 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 theoccurrence of unanticipated events.

Sugar, Ethanol & Energy Business-Rainfalls

4Q Rains

(In mm)

I

ten-year average rainfalls

6.6%

700

654

580

I

4Q Rains per Month

(In mm)

418

230

246

224

155

81

4Q17

4Q18

Oct-17

Oct-18 Nov-17 Nov-18 Dec-17 Dec-18

Operational Metrics - 4Q18 vs. 4Q17

Operational MetricsTotal Days

4Q1792452,20148,574

4Q18

% Change

Effective Milling DaysTotal Crushing (k tons)

Milling per Day (k tons)

Harvested area (has)

92 0%56 23%2,747 25%49,348 1.6%

• 22,287 30,181 35.4%

Operational Metrics - 12M18 vs. 12M17

Operational MetricsTotal Days

12M17

12M18

% Change

Effective Milling DaysTotal Crushing (k tons)

Milling per Day (k tons)

Harvested area (has)

36522110,24246,442 106,537

36523111,35949,117 120,401

0%5%11%5.8% 13.0%

Sugarcane crushing

(In Thousands Tons)

Sugarcane crushing

(In Thousands Tons)

25%

2.201

2.747

4Q17

4Q18

12M17

12M18