APPRAISAL OF REAL PROPERTY
Rural Properties in Argentina and Uruguay
EXECUTIVE SUMMARY
As of September 30, 2018
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, 2018
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, 2018.
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, 1 located in Dianópolis totalizing 6,080 hectares and 4 in Angelica and 4 in Ivinhema, Brazil totalizing 13.291 hectares.
MARKET VALUE AS IS
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, 2018, was:
U$S 846,690,685
EIGHT HUNDRED FORTY-SIX MILLION, SIX HUNDRED AND NINETY THOUSAND,
SIX HUNDRED AND EIGHTY-FIVE US DOLLARS
PAGE 2
EXTRAORDINARY ASSUMPTIONS
This appraisal does not employ any hypothetical conditions.
HYPOTHETICAL CONDITIONS
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.R.L
Julio C. Speroni
Valuation Manager, Argentina.Julio.speroni@sa.cushwake.com(5411) 5555-1119 Office Direct
GENERAL DESCRIPTION
BASIC INFORMATION
Location:
Argentina, Brazil and Uruguay
Properties in Argentina | 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 | ||
Properties in Uruguay | Property Name | Location | Land Area |
Hec | |||
LA PECUARIA | Durazno | 3177 | |
Properties in Brazil | |||
Property Name | |||
Alto Alegre | |||
Totals | |||
VALUATION SERVICES |
Properties in Brazil
Property Name | Location | Land Area |
Hec | ||
Bela Manha | Angelica | 381 |
Ouro Verde | Angelica | 679 |
Don Fabricio | Angelica | 3.302 |
Takuare | Angelica | 489 |
Agua Branca | Ivinhema | 1.614 |
Nossa Senhora | Ivinhema | 540 |
Sapalio | Ivinhema | 6.140 |
Carmen | Ivinhema | 146 |
Totals | 13.291 |
SITE INFORMATION
Current Ownership:ADECOAGRO
DATES OF INSPECTION AND VALUATION
Date of Valuation: | September 30, 2018 |
HIGHEST & BEST USE | |
As Vacant: | An agricultural use that is developed to its financial potential. |
As improved: | As an agricultural use as currently improved. |
VALUATION SERVICES |
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Adecoagro SA published this content on 15 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 November 2018 21:18:08 UTC