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