Institutional

Presentation

Agri-Business in Argentina

London - December 14, 2011

2 2

Disclaimer

This presentation may contain certain forward-looking statements and information relating to Adecoagro S.A. and its subsidiaries

(collectively, “Adecoagro” or the “Company”) that reflect the current views and/or expectations of the Company and its

management with respect to its performance, business and future events. Forward looking statements include, without limitation,

any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words

like “believe”, “anticipate”, “expect”, “envisages”, “will likely result”, or any other words or phrases of similar meaning. Such

statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors

could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this

presentation. In no event, shall the Company or any of its subsidiaries, affiliates, directors, officers, agents or employees be liable

before any third party (including investors) for any investment or business decision made or action taken in reliance on the

information and statements contained in this presentation or for any consequential, special or similar damages.

No reliance may be placed for any purpose whatsoever on the information contained in this presentation or on its completeness.

No representation or warranty, express or implied, is or will be made or given by the Company or any of its affiliates or directors or

any other person as to the accuracy or completeness of the information or opinions contained in this presentation and no

responsibility or liability is or will be accepted for any such information or opinions.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in

part without the prior written consent of the Company.

This presentation does not constitute or form any part of any offer or invitation or inducement to sell or issue, or any solicitation of

any offer to purchase or subscribe for, any shares or other securities of the Company, nor shall it or any part of it or the fact of its

distribution form the basis of, or be relied on in connection with, any contract therefore.

3 3

Adecoagro at a Glance

We are a leading agricultural company in South

America

We are a food and renewable energy LOW COST PRODUCER

We own land and transform it into its highest

production capabilities

We own and operate industrial assets to process our

production

We run our business under a sustainable production

model focused on profitability

4 4

Adecoagro Overview

Farming

Land

Transformation

Diversified farming business

• Corn, Soy, Wheat, Sunflower

• Rice

• Cotton and Coffee

• Dairy

132k hectares of owned, croppable land spread across the most productive regions

Own handling, storage and processing facilities

Acquisition of under-utilized and under-managed farmland

Transforming land into its highest productive capabilities, thus increasing its value

Strategic sales of mature land in order to recycle capital for new investment

Sugar,

Ethanol & Energy

Fully-integrated producer of sugar, ethanol and energy

5.2mm tons of sugarcane crushing capacity

Focus on investment in farm and plant efficiency to drive returns

• Co-generation capacity

• Owned sugarcane plantations

• Mechanized farm operations

Positive track record of

consistent land sales

generating strong

capital gains

Producing each crop in

the right location

driving low cost

production

Focus on building a

unique business model

extracting higher value

per ton

5 Note: (1) Includes Crops, Rice, Coffee, Milk, Beef, Sugar and Ethanol. Milk and Ethanol converted to Tons at density ratios of 1,035 Ton/M3 and 0,789 Ton/M3 respectively

Following 10 years of sustained growth, Adecoagro has

become a leading Agribusiness Company

Sugarcane

Crushing Capacity

(MM tons)

2008 – 2009: Consolidation

Corporate Timeline

2004 – 2007: Regional Expansion and entry into S&E 2001 – 2003: The First Steps

Regional

Expansion

2010: Second Growth Wave

- - - 0.9 0.9 0.9 1.7 3.3

2004 2005 2006 2007 2008 2009 2010 2011

Legend: Production (K tons) (1)

Owned Area (K ha)

2002 2003

120184

266

407

612682 679

1,035

75 80

110

132

239

278 273 283

134

5.2

IPO January

2011

Adecoagro (“AGRO”) listed its shares on NYSE on Jan. 28th,

raising $423 million of capital for growth

6 6

7 7

Highly Qualified and Experienced

Management Team

Strong Outlook for Global

Agribusiness Sector

High Quality and Diversified

Asset Base Significant and Identified

Growth Opportunities

Sustainable Production Model

Focused on Returns and Cost

Leadership

Investment Highlights

Adecoagro is a unique opportunity to invest in the South American agribusiness sector

8

Strong Outlook for Agribusiness Sector

Growing World Demand for Protein Diets and Cleaner Fuels…

5

36

89

0

10

20

30

40

2008 2008 2022 2022

Old RFS (Renewable Fuel Standard)

New RFS

(Bn Gallons) Billions of People

Developed Countries

Developing Countries Source: UN

Increasing World Population Demand For Cleaner Fuels

Renewable Fuels Standards

Farm Animal Population

Demand for

Grains to Feed Animals

Increased Demand for Meat

Wealth Creation /

Higher Living Standards

Protein’s Virtuous Cycle

Source: Wall Street Research

1 2 3

0

2

4

6

8

10

1970 1990 2010 2030 2050

…Coupled With the Scarcity of

Land…

Agricultural Area per capita (ha)

Source: FAO

1,5

0,70,6

0,7

0,8

0,9

1,0

1,1

1,2

1,3

1,4

1,5

1961 1966 1971 1976 1981 1986 1991 1996 2001 2006

Agricultural Area (ha)

…Result in a Favorable Environment for Low Cost

Producers of Agro-Commodities

Source: USDA

Stock to use ratio for Coarse Grains (1)

0

5

10

15

20

25

30

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

(%)

30 Year Average

Note: (1) Include corn, sorghum, barley, oats, rye, millet and mixed grains

9

Attractive Underlying Land Fundamentals

Notes: (1) Series Used: Agricultural, Metals and Energy Index: 1991-2008; T-bill 10Y: 1930-2008; T-bonds 10Y: 1930-2008; Housing Prices: 1991-2008; Farmland US: Considered only land price since 1942; Farmland US (TR): Considered appreciation of land prices and hypothetical return of leases since 1942; S&P 500 (TR): 1963-2008; S&P GSCI Agricultural Index since 1991; S&P 500 Metals and Mining since 1991; and, S&P 500 Energy since 1991.

(2) Includes a 2% cap rate over market value of land

(3) 1991-2008

(4) S&P GSCI

Source: Bloomberg, Factset USDA and Damodaran

Land: A Superior Risk-Return Profile

Risk-Return of Selected U.S. Assets (1) (% per Year)

Return (%)

Risk (%)

T-Bill

T-Bond

Farmland

US (2)

Housing

S&P500 Index

Agricultural Index Metals & Mining Index

Energy Index

0

3

6

9

12

15

0 5 10 15 20 25 30

Returns on Land Have a Low Correlation to Those of Other Assets

#VALUE!#VALUE!

0.01

(0.34)

0.07

(0.24)

0.39

0.11

0.30

-0.40

-0.30

-0.20

-0.10

0.00

0.10

0.20

0.30

0.40

T-Bill T-Bond Housing S&P500 Agricultural Metals & Mining Energy

Source: Bloomberg, Factset USDA and Damodaran

Correlation between U.S. Farmland and Selected U.S. Assets (3)

Returns on Land Have a Low Correlation to Those of Other Assets

(4)

10

South America Offers the Most Competitive

Conditions to Take Advantage of the Growing Demand

Brazil and Argentina are two of the most important suppliers of agro-commodities in the world

Available Land for Expansion Key Competitive Advantages

Appropriate soil for farming 1

Regular rainfall 2

Adequate solar energy 3

Economies of scale 4

Low cost of land 5

Advanced technology 6

Qualified labor 7

Logistics infrastructure 8

Source: FAPRI & ICO and USDA

Note: “nm” stands for Not Meaningful

Global Ranking for Production & Net Exports (09/10)

2

1

2

1

3

5

nm

1

3

nm

1

nm

2

nm

2

nm

Soybean

Soybean meal

Corn

Wheat

Ethanol

Coffee

Cotton

Sugar

Production

Net

Exports

Brazil Argentina

Production

Net

Exports

2

2

4

1

4

5

nm

1

3

nm

3

nm

5

nm

nm

nm

123.3

201.8

14.8

51.1

52.1

2.7

0 50 100 150 200 250

Middle

East &

North

Africa

East &

South Asia

Eastern

Europe &

Central

Asia

Rest of

World

Latin

America &

Caribbean

Sub-

Saharan

Africa

Source: The World Bank, 2010

(MM ha of uncultivated land)

11 11

High Quality and Diversified Asset Base

Brazil Bolivia

Argentina

Paraguay

Uruguay

9 farms

44k owned ha

Free Stall Dairy Operation

3 grain handling and storage facilities

Humid Pampas

Minas Gerais

1.2MT of sugarcane crushing

8 farms

13k owned ha

4.0MT of sugarcane crushing

Mato Grosso do Sul

Uruguay

1 farm

3k owned ha

Total Industrial Assets

40 farms

296K ha of owned land - 132K croppable - 18K potentially croppable - 10K sugarcane - 76K cattle grazing - = 237K productive

$899MM appraisal by Cushman & Wakefield (1)

Total Farms

Crops, Rice, Dairy and Coffee

5.2MT of sugarcane crushing

Western Bahia

7 farms

24k owned ha

2 coffee processing plants

15 farms

211k owned ha

3 rice mills

4 grain handling and storage facilities

Northern Argentina

(1) Does not include the purchase of 3,400 hectares

$783,587

$(30,555) $40,522

$105,584

$899,138

12

Cushman & Wakefield Appraisal

Cushman & Wakefield 2011 Appraisal

287.9K ha 5.1K ha 9.6K ha

292.4K ha

La Macarena Sale (1) C&W 2010 Valuation Recent Purchases (2) C&V 2011 Valuation Land Transformation & Appreciation

(1) La Macarena was sold in December 2010 for a total of $34 million. In September 2010, the farm had been appraised by Cushman & Wakefield at $30.5 million. (2) Does not include the purchase of 3,400 hectares

13

Land Under Management (hectares)

132,195 9,907 18,210

76,245 236,557

59,244 295,801

58,536

76,923 431,260

Crops, Rice & Coffee

Sugarcane Potentially Croppable land

Cattle Grazing Total Productive Farmland

Land Reserves Total Own Land

Leased Crops Leased Sugarcane

Total Land Under

Management

Land Breakdown (hectares)

38%

44%

18%

14

Diversification Provides Stable Returns,

Synergies and Investment Flexibility

Geographical diversification helps protect

against

• Climate Risk

• Political and Jurisdictional Risk

• Crop infestation / disease

Broad product portfolio helps reduce price

volatility and enhances stable cash flow

generation

Geographically diverse and broad portfolio

provides us:

• scalability

• investment flexibility for growth

opportunities

• allows transfer of technology from one

crop to the other

14

High Quality and Diversified Asset Base (cont’d)

Farming Sales Breakdown

Adjusted EBITDA Breakdown

2010FY

Farming

Sugar, Ethanol

and Energy

Land

Transformation

2010FY

Soybean

33.0%

Rice

31.3%

Corn

13.2%

Dairy

7.3%

Wheat

4.6%

Coffee

3.8%

Cotton

1.2%

Cattle

3.1%

Sunflower

2.5%

15

$491 MM (1)

$241 MM (1)

Management of non-owned farms

15

Significant and Identified Growth Opportunities

Opportunistic land leases

Expansion of free stall dairy facilities

Farming & Land Transformation

Ongoing land transformation

Management of non-owned farms

Land acquisitions in new regions

Sugar, Ethanol & Energy

Complete Ivinhema / Angélica cluster in MS

Expand milling capacity up to 10.3 mm tons

Increase cogeneration capacity

Identify new cluster opportunities

Expand sugarcane plantations area

Opportunistic purchases

Expansion of rice milling operations

Land acquisitions

Identified

Opportunities

Potential

Opportunities

M&A consolidation

We will continue to be disciplined in our deployment of capital with a focus on returns

on invested capital

Note: (1) Expected CapEx for next three years

16 16

Qualified Management Team Board Members

Highly Qualified and Experienced Management Team

Age Past

Experience Years with Company

Chief Operating Officer of Soros Fund Management LLC

Over 20 years of financial markets and managerial experience

Abbas Farouq Zuaiter

Chairman 41

Mariano Bosch

CEO

Agribusiness entrepreneur

Since inception

Name Position

Name Position Experience

45 Charlie Boero Hughes

CFO

Noble Group /

Citibank N.A. 3

Co-founder of Adecoagro and Board Member since inception

Over 20 years of financial markets and managerial experience

Alan Boyce

Director

35 Emilio Gnecco

Chief Legal & M&A

Officer

Marval, O’Farrell & Mairal

Since inception Head of Investment Management at PGGM Vermogensbeheer B.V.

Over 20 years of financial markets and managerial experience

Guillaume van der

Linden

Director

50 Marcelo Sanchez

Chief Commercial

Officer

Commercial agribusiness entrepreneur

Since inception Founding partner of Vieira, Rezende, Barbosa e Guerreiro

Advogados

Over 20 years of managerial experience in the S&E sector

Paulo Albert Weyland

Vieira

Director

59 Marcelo Vieira

Director of Sugar &

Ethanol Operations

Usina Monte Alegre Ltda.

5 Co-founder and CEO of Adecoagro

Over 18 years of managerial experience in the agribusiness sector

Mariano Bosch

Director

31 Hernan Walker

Investor Relations

Business development and

reporting 5

Former Minister of Finance of Chile (2006-2010)

Former president of the Latin American and Caribbean Economic Association from 2005 to 2007

Andres Velasco

Director

42 Jose Imbrosciano

Director of Business

Development

Agribusiness sector 8 Partner in the private equity group of Pragma Patrimonio

Over 20 years of CEO and Private Equity experience

Plínio Musetti

Director

Managing Partner of Elm Park Capital Management

Over 10 years of financial markets and managerial experience

Mark Schachter

Director 51

Leonardo Berridi

Country Manager for

Brazil

Agribusiness sector 5

Board member and chairman of the strategy committee of Natura Cosméticos

Over 20 years of managerial and CEO experience

Julio Moura Neto

Director 45

Ezequiel Garbers

Country Manager for

Argentina and Uruguay

Agribusiness entrepreneur

9

17 17

1. Farming

2. Land Transformation

Our Business Segments

3. Sugar, Ethanol & Energy

18 18

Farming: Producing Each Commodity in the Right Location

Zone of active agregation

Zone of active decomposition

0 - 5

cm

Aggregates formation in layers

Source: J.C.Moraes Sa, 2003

Zone of active agregationZone of active agregation

Zone of active decomposition

0 - 5

cm

0 - 5

cm

Aggregates formation in layers

Source: J.C.Moraes Sa, 2003

NO

TILL

Biotech

Crop

Rotation

Fertilization

Water

Economy

Integrated

Pest

Management

No Till Technology Enhances Soil Productivity,

Reduces Cost and Increases Land Value

Sustainable Production Model is Centered on

No Till And Best Practices

Moraes Sa, 2003 adapted by Company

Adecoagro Produces a Wide Variety of Agricultural

Products in Regions With Competitive Cost Advantages

132k croppable hectares

24 Farms in Argentina

15 in Brazil

1 in Uruguay

Brazil

Bolivia

Paraguay

Uruguay

Argentina

Western Bahia: High Quality Cotton and Irrigated Coffee Plantation

3

Northern Argentina: Integrated Low Cost Rice Production & Crops

2

Humid Pampas: Low Cost Row Crops & Dairy

1

19 19

Focus on Sustainable, Low-Cost Production

Notes:

(1) Worst drought over last 50-70 year series

(2) Impacted by start-up costs related to the construction of the first free stall

Rice

0

50

100

150

200

250

300

Golf

Coast

U.S. U.S.

Average

U.S. U.S. Rio

Grande

Mato

Grosso

Source: USDA, Instituto FNP, Adecoagro

Tillage + Harvest Fertilizer Seeds and Agrochemicals Overhead Irrigation

Dairy

0.0

0.1

0.2

0.3

0.4

0.5

0.6

FR U.K. NE GE U.S.

(CA)

NZ BR AU AR 2008 2009

$ / litre

Source: Rabobank report June 2010 – “Argentine Dairy, Another Chance?”; Adecoagro

$/MT

Production Cost (2009/2010) Milk Production Cost (2008)

(2)

(CA) (AR) (MS)

0

100

200

300

400

500

FR AU RU UKR CA BR

(MT)

U.S.

(IA)

AR

(WBA)

AR

(ZN)

AR

(ZN)

AR

(WB)

Adeco

Total

AR

AR

(ZN)

AR

(WB)

Adeco

Total

AR

Soybeans

$/MT

Direct Cost Operational Cost

Source: Agri Benchmark 2008/2009; Adecoagro

2008/2009:

Worst Drought in

50+ Years

2009/2010

Total Cost (2008/2009)

0

50

100

150

200

FR RU BR

(PR)

BR

(MT)

UKR U.S.

(IA)

U.S.

(ND)

AR

(ZN)

AR

(ZN)

AR

(WB)

Adeco

Total

AR

AR

(ZN)

AR

(WB)

Adeco

Total

AR

Corn

$/MT

Direct Cost Operational Cost

(1) (1)

Source: Agri Benchmark 2008/2009; Adecoagro

2008/2009:

Worst Drought in

50+ Years

2009/2010

Total Cost (2008/2009)

(1) (1) (1)

20 20

Land Transformation is a Key Element of Our

Business and a Driver of Value Creation

Natural Grasses

Year 1

Medium-Low Yield Crops

Year 2

Full Rotation & High Yields

Year 5

Land Transformation Process Key Competitive Advantages

Specialized department responsible for analysis of all investments and sales

Over 7MM ha evaluated since inception

Sophisticated methodology to analyze investment projects, integrating financial, production and environmental expertise

Strong reputation as one of the market leaders in the sector

Strong Track Record of Capitalizing Gains from Land Transformation

7.6

33.1

15.2

18.8 20.0

0

5

10

15

20

25

30

35

2006 2007 2008 2009 2010

($MM)

Sold Ha 3,507 8,714 4,857 5,005 5,086

Sold Farms 1 2 3 1 1

Identify undermanaged land

Design specific production model

Acquire land

Reaching its highest production capabilities

0,5

1,2

3,0

2,42,1

2005/2006 2006/2007 2007/2008 2008/2009 2009/2010

CoffeeMillions of tons

21

Productive Figures

73,2102,3

171,4205,6

343,8 351,8317,6

524,9

CropsMillions of tons

19,437,2 43,2

51,7

99,0 98,6 95,0 91,7

171,0

RiceMillions of tonsMillions of tons

19,9 18,5 18,522,6

34,6

43,147,5

41,6

2003 2004 2005 2006 2007 2008 2009 2010

MilkMillions ofMillions of liters

Thousands of tons Thousands of tons

Thousands of tons Millions of liters

26,136,7

49,4

69,7

97,4

119,0

150,2

183,5192,2

Planted AreaThousand Hectares

22

Planted Area

23 23

1. Farming

2. Land Transformation

Our Business Segments

3. Sugar, Ethanol & Energy

24

Fertile soils

Favorable climate conditions

Low land competition from other mills and

crops

Optimum

Project

Location

Sugarcane

Technology &

Scale

Mechanized harvest and planting

Development of sugarcane varieties and

technological production package

Optimum Scale

State-of-the-art

Mill Equipment

High sugar extraction (minimize losses)

Full cogeneration capacity

Flexibility in sugar and ethanol production

Full utilization and recycle of by-products

Economies of

Scale

Optimized cost structure

Optimum Mill Scale: 4-6 MM Tons

Designing the Most Efficient Sugarcane Mill in Brazil 2

1. Low-cost Sugarcane Production

2. Highest Industrial Efficiency

Minimize cane

logistics costs

Stable supply

of cane to the

mill

High margins

Commercial

flexibility

Reduced

fertilizer and

input expense

Minimize

fixed costs

per ton of

cane milled

Mato Grosso do Sul Was Selected For Our Expansion Project

Quality management for regional expansion

75 years of history

Upgrade: Full cogeneration capacity, connection to grid

Mill Upgrade: Crushing capacity of 1.2MM tons

High Cane

Yields

High sucrose

content

Low leasing

costs

Significant Expansion into Sugar, Ethanol & Energy

Geographic Footprint

Industry Offices

UMA

Brazil

Angélica &

Ivinhema 1

2

Usina Monte Alegre was acquired as a Platform into the Sugar, Ethanol & Energy Sector

1

25 25

Angélica – Our First Greenfield Project

View of Complete Plant

Built in 16 months starting operations in August

2008

State-of-art mill with full cogeneration from

bagasse

Production mix flexibility: 60%/40% for either

sugar or ethanol

Vinasse concentration: transforms effluents into

liquid fertilizer

Full mechanization of agricultural operations

Overview

Key Operating Metrics

The Basis for One of the Most Efficient “New Frontier” Clusters

High Quality Asset Base

Industrial

Equipment

Capex:

US$ 70/ton

Cutting edge milling technology

Full cogeneration

Large storage capacity

Agricultural

Equipment

Capex:

US$ 18/ton

Fully mechanized harvest and

planting

90% own equipment

Sugarcane

Plantations

Capex:

US$ 34/ton

40k hectares

94% of plantation owned by mill

Installed milling capacity 4.0 million tons

Production capacity 330k tons of VHP

over 220k cubic meters of ethanol

Cogeneration capacity 96 MW

Storage 121k cubic meters of ethanol

90k tons of sugar

26 26

Sugar Clusters Provide Synergies & Economies of Scale

2 mills, 45km apart

10.3 million tons of crushing capacity

Ivinhema (2nd mill) Project Update

Industrial site acquired

Preliminary environmental license granted

8,363 hectares acquired

17,000 hectares planted

Overview / Rationale

Synergies / Economies of Scale

One large plantation supplying two mills

Centralized management team

Harvest efficiencies and flexibility

Efficient internal logistics

Viability of participation in logistics projects

(

27 27 27

Total

UMA

Angélica

Ivinhema

Full Capacity

Exported Energy (MWh) (2) Contract Prices Full Capacity

Estimated Revenues (Current $MM) (6)

54,000(3) R$173.88/MWh plus

inflation (2011) 5.3

248,000(3) 23.3

738,000(4)

Co-Generation Assets

Notes (1) Measured as exported energy divided by total crushed sugarcane

(2) Assumes mill operates 4,400 average hours per season (3) Assumes current CoGen export capacity (64 MW Angelica, 11 UMA)

R$160.36/MWh plus

inflation (2011)

69.1

1,040,000 97.7

To be defined in the next energy

auctions (last auction approx

R$170/MWh)

High CoGen Capacity Increases Capital Efficiency

Long term contracts bring predictability of revenues and high returns

Approximately 90% EBITDA margins

Current cogeneration capacity of 112 MW, export capacity of 75MW

Projected cogeneration capacity of 296 MW (export capacity of

206MW) in 2017 will boost projected revenues to $98MM per year

Clean and renewable energy source

Sugarcane cogen complements hydropower, Brazil’s main source of

electricity – cane harvest occurs during dry season

CoGen Exports per Ton of Cane Crushed

(GWh/MMT) (1)

UMA +

Angélica

2010

UMA +

Cluster

2017

93.8

58.5

(4) Assumes expected CoGen export capacity of 131 MW (5) Total exported energy over tons of cane milled (6) Considers exchange rate of 1.7298 R$/US$

28

Productive Figures

73,4 72,4 67,853,0

235,7

2006 2007 2008 2009 2010

SugarThousand tons

25,7 29,4

70,1

132,5

174,3

2006 2007 2008 2009 2010

EthanolThousand m3

32,616

49,47053,799

63,104

31/12/2008 31/12/2009 31/12/2010 30/09/2011

29

Sugarcane Plantation Size (2007/08-2010/11) Hectares

Productive Figures

30 30

Financial Summary

31

In $MM 2007 2008 2009 2010

Sales

Farming + Land Transformation 118.1 193.0 216.0 197.7

Sugar, Ethanol & Energy 24.4 51.2 97.6 228.5

Total Sales 142.5 244.2 313.6 426.3

Adjusted EBITDA

Farming + Land Transformation 58.8 58.6 51.7 65.7

Sugar, Ethanol and Energy (10.1) (7.0) (26.9) 51.7

Corporate Expenses (11.4) (23.1) (22.3) (22.4)

Total Adjusted EBITDA 37.2 28.5 2.5 95.1

Financial Summary

The company has prepared its financial statements in accordance with IFRS

Based on the financials, we developed the Adjusted EBITDA metric, which allows investors to measure

and compare the operating results of the company and each operating segment.

Definition of Adjusted EBITDA

9M10 9M11

154.3 202.6

124.6 193.9

278.9 396.4

29.9 59.3

26.8 86.9

(15.6) (20.2)

41.0 126.0

32

Net Debt

134.0

(5.6)

200.8

340.4

Debt Cash & ST Investments

Net debt

S&E

Farming

3Q11 Debt Currency Structure

3Q11 Net debt ($ Millions) 3Q11 Debt Term Structure

Total debt as of September 30, 2011,

stands at $335 million

$48 million of our IPO proceeds

were invested in short term deposits

Net debt remains negative at $5.6

million

45%

55%Short term

Long Term

49%

51% Brazilian Reais

US Dollars

33 33

Our Concluding Thoughts

► WE ARE A LOW COST PRODUCER

► We have a proven track record of

consistent land sales generating strong

capital gains

► We have a concrete growth plan and the

right people to execute it

► We have a unique and well diversified

asset base

► We have a unique sugar, ethanol and

energy business model that extracts

higher value per ton crushed

34 34

Appendix

35

Adjusted EBITDA 2010

Adjusted EBITDA 2010

$ in thousands Crops Rice Dairy Coffee Cattle Farming Sugar Land Tranformation Corporate Total

Manufacturing activities

Sales 344 59,280 - 2,709 3,718 66,051 228,478 - - 294,529

Cost - (52,017) - (2,546) - (54,563) (164,638) - - (219,201)

Gross Profit manufacturing activities 344 7,263 - 163 3,718 11,488 63,840 - - 75,328

Agricultural activities -

Sales 107,818 2,305 14,297 4,863 2,407 131,690 48 - - 131,738

Cost (107,818) (2,305) (14,297) (4,863) (2,407) (131,690) (48) - - (131,738)

Changes in fair value 38,879 9,360 9,129 (2,630) 737 55,475 (86,003) - - (30,528)

Changes in NRV after harvest 7,482 - - 517 - 7,999 - - - 7,999

Gross Profit agricultural activities 46,361 9,360 9,129 (2,113) 737 63,474 (86,003) - - (22,529)

Margin Before Operating Expenses 46,705 16,623 9,129 (1,950) 4,455 74,962 (22,163) - - 52,799

G&A expenses (7,087) (3,773) (2,910) (983) (350) (15,103) (19,080) - (22,379) (56,562)

Selling expenses (1,522) (8,154) (333) (655) (175) (10,839) (41,689) - - (52,528)

Other operating income, net (6,194) 345 - (2,165) 70 (7,944) 5,305 20,837 26 18,224

Joint ventures - - (50) - - (50) - - (50)

Profit from Operations Before Financing and Taxation 31,902 5,041 5,836 (5,753) 4,000 41,026 (77,627) 20,837 (22,353) (38,117)

(-) Changes in fair value of long term biological assets (urealized) - - (3,610) 2,450 36 (1,124) 96,795 - - 95,671

Adjusted EBIT 31,902 5,041 2,226 (3,303) 4,036 39,902 19,168 20,837 (22,353) 57,554

Depreciation and amortization (-1) 1,711 2,080 423 449 333 4,996 32,567 - - 37,563

Adjusted EBITDA 33,613 7,121 2,649 (2,854) 4,369 44,898 51,735 20,837 (22,353) 95,116

Reconciliation to Profit/(Loss)

Adjusted EBITDA 95,116

Changes in fair value of long term biological assets (urealized) (95,671)

Depreciation and amortization (37,563)

Financial Result, net (22,937)

Income tax (expense)/Benefit 16,263

Profit /(Loss) for the period (44,791)

36

Adjusted EBITDA 9M11

Adjusted EBITDA 9M11

$ in thousands Crops Rice Dairy Coffee Cattle Farming Sugar Land Tranformation Corporate Total

Manufacturing activities

Sales 287 56,431 - 713 3,473 60,904 193,879 - - 254,783

Cost - (47,946) - (629) (370) (48,945) (109,723) - - (158,668)

Gross Profit manufacturing activities 287 8,485 - 84 3,103 11,959 84,156 - - 96,115

Agricultural activities

Sales 118,757 665 14,173 7,504 518 141,617 - - - 141,617

Cost (118,757) (665) (14,173) (7,504) (518) (141,617) - - - (141,617)

Changes in fair value 38,732 8,230 5,394 5,178 214 57,748 40,990 - - 98,738

Changes in NRV after harvest 10,039 - - (635) - 9,404 - - - 9,404

Gross Profit agricultural activities 48,771 8,230 5,394 4,543 214 67,152 40,990 - - 108,142

Margin Before Operating Expenses (6,233) (5,296) (968) (889) (242) (13,628) (16,453) - (20,534) 204,257

G&A expenses (6,233) (5,296) (968) (889) (242) (13,628) (16,453) - (20,534) (50,615)

Selling expenses (1,595) (9,545) (315) (312) (41) (11,808) (30,564) - - (42,372)

Other operating income, net 3,101 238 - 2,231 (2) 5,568 6,937 - 321 12,826

Joint ventures - - (337) - - (337) - - - (337)

Profit from Operations Before Financing and Taxation 44,331 2,112 3,774 5,657 3,032 58,906 85,066 - (20,213) 123,759

(-) Changes in fair value of long term biological assets (urealized) - - (1,521) (2,238) - (3,759) (20,218) - - (23,977)

Adjusted EBIT 44,331 2,112 2,253 3,419 3,032 55,147 64,848 - (20,213) 99,782

(-) Depreciation and amortization 940 2,233 401 411 162 4,147 22,038 - - 26,185

Adjusted EBITDA 45,271 4,345 2,654 3,830 3,194 59,294 86,886 - (20,213) 125,967

Reconciliation to Profit/(Loss)

Adjusted EBITDA 125,967

Changes in fair value of long term biological assets (urealized) 23,977

Depreciation and amortization (26,185)

Financial Result, net (43,680)

Income tax (expense)/Benefit (21,902)

Profit /(Loss) for the period 58,177

37

Settled Plantation Initial Growing Post-Harvest

Fair value

measurement

of biological

assets

Generates

gain /

loss in

P/L

Productive

Stages

Cost approach Market price or DCF (which

contains estimates for

yields, prices and costs)

Crops: Based on

market prices Valuation

Criteria

Sugarcane: Transferred to the

mill at market value and

subsequently transformed into

sugar, ethanol and energy

“Initial recognition and

changes in fair value of

biological assets and

agricultural produce”

No impact Crops: “Gains / loss

from changes in net

realizable value of

agricultural produce

after harvest”

Impacted Line

Item in P/L

Sugarcane: “Cost of

manufactured products sold

and services rendered”

Key

Accounting

Policy

Initial growing stages

Settled plantations & cattle

1) Cost approach (same as in U.S. GAAP)

2) Market price if available (e.g., cattle)

3) DCF (e.g., soybean plant)

Applicable

Standard

IAS 41 IAS 41 IAS 2 (do not materially differ from U.S. GAAP)

Harv

est

Biological Assets Accounting