1Q11 Results 1Q11 Results Conference CallConference CallConference CallConference Call

Operational PerformanceOperational Performance

Farming planted area (2007/08-2010/11) Thousand Hectares

Coffee

Farming planted area (2007/08-2010/11) Thousand Hectares

183 192

25k22K

35K 32K19K

29K

26K 28K15K

17K18K 28K

Rice

Cotton

Sunflower

119153

47K 64K 88K 90K25k

2007/2008 2008/2009 2009/2010 2010/2011

Wheat

Corn

Soybean

S l t ti (2008 1Q11)Sugarcane plantation area (2008-1Q11) Thousand Hectares

4954

61

33Sugarcane Planting  in Progress

Planted Area

231/12/2008 31/12/2009 31/12/2010 31/03/2011

Harvested Area & YieldsHarvested Area & Yields

2,1 

Sunflower

3,3 6,4 

5,1 

Wheat Rice

100%  1,2 

2,3 

100% 

5,

88,9% 

% Harvested until 31/03/2011

2010/11 Yield 2009/10 Yield % Harvested until 31/03/2011

2010/11 Yield 2009/10 Yield % Harvested until 31/03/2011

2010/11 Yield 2009/10 Yield

2,8 

3,1 

1,9 6,1 

CornSoybean 2nd CropSoybean

1,3 

4,6 

43 3%

3

% Harvested until 31/03/2011

2010/11 Yield 2009/10 Yield

16,0% 

% Harvested until 31/03/2011

2010/11 Yield 2009/10 Yield

1,3% 

% Harvested until 31/03/2011

2010/11 Yield 2009/10 Yield

43,3% 

Financial SummaryFinancial Summary

Gross Sales11% 58 3

(43%)

11%

15.8

9.052.358.3

35%

36.549.3

Sugar, Ethanol & Energy

Farming

Adjusted EBITDA1Q10 1Q11

j

69%

20 8

Farming

Sugar, Ethanol & Energy

Corporate

6.1

10.3Sugar, Ethanol and Energy

Gross Margin from manufacturing activities

(4.7) (5.0)

13.820.8Corporate

(3 849)

2,232

1Q10 1Q11

( ) ( )

(3.0)(5.4)

(3,849)

1Q10 1Q11

Biological Asset Recognition in P&LBiological Asset Recognition in P&L

2009/2010Harvest Year

2010/2011Harvest Year

2011/2012Harvest Year

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

PlantingHarvest Harvest

Storage and SellingBiological Asset Gain/Loss Recognition Biological Asset Gain/Loss Recognition

Planting

Planting

Wheat

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

HarvestStorage and Selling

Biological Asset Gain/Loss RecognitionPlanting Planting

HarvestStorage and Selling

Soybean

CornStorage and Selling

Biological Asset Gain/Loss RecognitionPlanting

HarvestStorage, Processing and Selling

Biological Asset Gain/Loss Recognition

Rice

• Short term biological assets (crops and rice): gains and losses from biological growth are recognized in our AdjustedEBITDA approximately 60 days after planting and throughout the crop growth cycle until harvest.

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• Long term biological assets (sugarcane, coffee, cows): gains and losses from biological growth are reflected in ournet income, but not in our Adjusted EBITDA since it is an unrealized (non‐cash) gain or loss.

Adjusted EBITDA SeasonalityAdjusted EBITDA Seasonality

Adjusted EBITDA Seasonality in an average year

Highg

Mid Mid

Farming (ex land transformation)

Sugar, Ethanol & Energy

Adecoagro

High High HighLow

Mid Mid

Mid

Low

Mid

Low

Mid

1Q 2Q 3Q 4Q

6

Net DebtNet Debt

1Q11 Net debt ($ Thousands) 1Q11 Debt Term Structure

39%

61%Short term

269 451 

S&E61%

Long Term135 

(47) 

Debt Cash & Equivalents Net debt

Farming

1Q11 Debt Currency Structure

Total debt as of March 31, 2011, stands at $404 millionstands at $404 million

$423 million of IPO & Private Placement proceeds were collected during the quarter

46%

54%

Brazilian Reais

7

during the quarterBrazilian Reais

US Dollars

DisclaimerDisclaimer

This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us p g p p p jand our industry. These forward-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 ourstrategic alliances or divestitures; (iv) the implementation of our financing strategy and capital expenditure plan; (v) the maintenance of ourrelationships with customers; (vi) the competitive nature of the industries in which we operate; (vii) the cost and availability of financing; (viii) futuredemand for the commodities we produce; (ix) international prices for commodities; (x) the condition of our land holdings; (xi) the development of thelogistics and infrastructure for transportation of our productions in the countries where we operate; (xii) the performance of the South American andworld economies; (xiii) weather and other natural phenomena; (xiv) the relative value of the Brazilian Real, the Argentine Peso, and the UruguayanPeso compared to other currencies; and (xv) developments in, or changes to, the laws, regulations and governmental policies governing our business,including environmental laws and 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, 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 the occurrence of unanticipated events

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statements are made or to reflect the occurrence of unanticipated events.

Investor Relations

Charlie Boero HughesCFO

Hernan WalkerHernan WalkerIR Manager

E-mailir@adecoagro.com

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@ g

Websitewww.adecoagro.com