3Q13 Results Conference Call

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0

50

100

150

200

250

300

Jan Feb Mar Apr May Jun Jul Aug Sept

TRS

(kg

/to

n)

Rai

nfa

ll (m

m)

Avg rain 5 years Rain 2013 TRS 2013 TRS Avg 5 years

Mato Grosso do Sul 2013 Rainfall and TRS Evolution

Sugar, Ethanol & Energy Business

Operational Performance

2

Excess Rains Frost

0.2 0.4 0.5 0.40.7 0.8

0.8

1.2

1.7

2.42.4

3.9

1.0

1.5

2.1

2.8

3.1

2Q12 2Q13 3Q12 3Q13 9M12 9M13

Cluster UMA

Sugarcane Crushing(Million tons)

52%

49%

33%

Sugar, Ethanol & Energy Business

Operational Performance

3

4.7

3.1

0.7

0.8 4.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Crushed Cane 9M12 Higher Capacity Utilization New Capacity (Ivinhema) Crushed Cane 9M13

Cru

she

d C

ane

(m

illi

on

to

ns)

Crushed Cane 9M12 Higher Capacity Utilization New Capacity (Ivinhema)

Increase in Crushing Capacity

89.2

7.5

118.1

98.9 36.1

152.6

Ethanol (m3)

3Q12

3Q13

68.358.5

71.1

101.0

Sugar (tons) Ethanol (m3)

3Q11

3Q12

Production (vol. in thousands)

Sugar, Ethanol & Energy Business

Operational Performance

Sugar, Ethanol and Energy Sales 3Q13

Ethanol Sales (thousand m3)

Inventories (vol. in thousands)Sales (vol. in thousands)

72.6%4.1%

10.9%32.5%

29.2%

151.9

81.3

114.3

155.6

120.2 128.6

Sugar (tons) Ethanol (m3) Energy (MWh)

3Q12

3Q1312.4%

2.5%

47.8%

Sugar (tons) Energy (MWh)

47.2%

52.9%

Sugar Mix

Ethanol Mix

Hydrous

Anhydrous

4

33.5

41.4

26.0

5.3

18.3 21.3

82.3 95.1

78.983.5

9M12 9M13

Sugar

Ethanol

Energy

46.4

79.9

9M12 9M13

5

Gross Sales($ million)

9M12 9M13

Adjusted EBITDA & EBITDA Margin($ million)

32.2%

42.1%Adjusted EBITDA Margin

Sugar, Ethanol & Energy Business

Financial Performance

9M13 Financial Performance

11.7% 30.8%

179.4200.3

17,38018,367

9M12 9M13

82,262

101,270

9M12 9M13

6

Sugarcane Expansion(hectares)

Sugarcane Plantation(hectares)

6%23%

Sugar, Ethanol & Energy Business

Operational Performance

Sugarcane Plantation

90.7 97.0

241.8199.5 189.0 175.5

158.4 119.4

203.6

169.7237.3 242.271.1

69.9

61.2

92.9

113.152.3

98.695.0

91.7 172.0

171.1

202.6

2007/08 2008/09 2009/10 2010/11 2011/12 2012/13

Rice

Cotton

Sunflower

Wheat

Corn

Soybean

Farming Production Evolution(thousand tons)

(5.3%)

Farming Business

Operational Performance

7

699.2

454.6415.0

618.9666.6

738.8

47.464.0

87.5 90.1 92.8 92.1 90.0

25.3

21.8

34.6 31.747.4 45.7 50.3

18.6

28.7

26.3 28.0

43.228.6 28.3

14.8

17.3

18.1 27.5

31.5

35.236.5

7.8

16.5

14.8 9.9

9.6

12.5 13.3

2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14

Rice

Cotton

Sunflower

Wheat

Corn

Soybean

79.4

110.2 106.6118.7 123.0

128.9 130.7

25.4 29.2 29.135.8

48.3

34.1 34.8

14.3 13.6

47.737.7

61.354.2

59.3

2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/2014

Owned area

Second crop area

Leased area

Farming Planted Area Evolution by Crop(thousand hectares)

Farming Planted Area Breakdown(thousand hectares)

Farming Business

Operational Performance

8

119.0

153.0

183.5192.2

232.5217.2

224.8

3.5%

1.4%

Farming Business

Operational Performance

2013/14 Harvest Year

Planted Area as of September 30, 2012 (hectares)

9

28,295

15,703

10,181

36,494

Soybean

(Ongoing)

Cotton

(Ongoing)

Rice

(Completed)

Sunflower

(Ongoing)

Corn

(Ongoing)

Wheat

(Completed)

104K hectares

120K hectares

Planted as of September

30, 2012

To be planted

12,613

103,944

46%

10

Gross Sales 9M13($ millions)

Adjusted EBITDA 9M13($ millions)

Farming Business

Financial Performance

156.8

69.3

14.3 8.5

249.0

169.0

78.2

22.53.7

273.5

Crops Rice Dairy Others Farming Consolidated

9M12 9M13

24.7

(0.4) (1.0)

4.4

27.828.7

7.0 6.8

1.3

43.7

Crops Rice Dairy Others Farming Consolidated

9M12 9M13

7.7%

12.8%

58.2%(56%)

9.8%

16.2%

(70%)

57.2%

Area & Production 2008 2009 2010 2011 2012 9M12 9M13 3Q12 3Q13

Farming Planted Area (hect.) 139,920 153,026 183,454 192,207 232,547 232,547 217,234 232,547 217,234

Sugarcane Planted Area (hect.) 32,616 49,470 53,799 65,308 85,663 17,380 18,367 5,675 6,643

Farming Production (tons) 453,392 414,962 618,834 666,327 738,847 738,847 699,179 N/A N/A

Sugarcane Crushing (tons) 1,376,763 2,215,029 4,066,115 4,168,082 4,488,935 3,125,302 4,662,769 2,128,266 2,821,571

Sales ($ thousands) 2008 2009 2010 2011 2012 9M12 9M13 3Q12 3Q13

Farming & Land Transformation 193,038 216,016 197,741 270,766 322,368 249,014 273,535 87,951 100,224

Sugar, Ethanol & Energy 51,171 97,587 204,256 258,939 269,351 171,462 189,726 79,004 76,265

Total 244,209 313,603 401,997 529,705 591,719 420,476 463,261 166,955 176,489

Adjusted EBITDA ($ thousands) 2008 2009 2010 2011 2012 9M12 9M13 3Q12 3Q13

Farming & Land Transformation 58,594 51,662 65,735 67,444 68,647 35,919 50,646 698 10,675

Sugar, Ethanol & Energy (6,979) (26,903) 51,735 109,507 97,505 55,221 79,939 46,443 39,233

Corporate (23,077) (22,262) (22,353) (26,885) (25,442) (18,892) (16,367) (6,459) (6,150)

Total 28,538 2,497 95,117 150,066 140,710 72,248 114,218 40,682 43,758

Adjusted EBITDA Margin

Farming & Land Transformation(1)

30.4% 23.9% 33.2% 24.9% 21.3% 14.4% 18.5% 0.8% 10.7%

Sugar, Ethanol & Energy(1)(2) -13.6% -27.6% 25.3% 42.3% 36.2% 32.2% 42.1% 58.8% 51.4%

Total 11.7% 0.8% 23.7% 28.3% 23.8% 17.2% 24.7% 24.4% 24.8%

(1) Before Corporate Expense allocation.

(2) Calculated over Net Sales. Net Sales is calculated as Sales less sugar and ethanol sales taxes.11

Adecoagro Consolidated

Financial & Operational Overview

$937.9

$(37.1)

$251.8

C&W 2012Appraisal

Farm Sales Land Transformation& Appreciation

C&W 2013Appraisal

FarmlandBook Value

12

Cushman & Wakefield Appraisal($ millions)

Farmland Portfolio

Cushman & Wakefield Appraisal

285.8K ha 7.5K ha

278.3K ha

(1) Santa Regina farm was sold 51% in December 2012 and 49% in June 2013, for a total of $25.5 million. Lagoa do Oeste and Mimoso farms were sold in May 2013 for a total of $20.8 million.

2.0 %

278.3K ha

$919.3

$18.4

(1)

13

Net Debt

3Q13 Debt Currency Structure

3Q13 Net debt ($ millions) 3Q13 Debt Term Structure

Total debt as of September 30, 2013,

stands at $681 million

Debt maturity profile has improved.

Long Term debt represents 76%

compared to 66% in 2Q13

Net debt remains at $420.4 million

142.0

420.5

539.0

260.5

Debt Cash Net debt

S&E

Farming

57%36%

7%

Brazilian Reals

US Dollars

Argentine Pesos

24%

76%

Short term

Long Term

681.0

14

This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us

and 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 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 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,

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.

Disclaimer

15

Investor Relations

Charlie Boero Hughes

CFO

Hernan Walker

IR Manager

E-mailir@adecoagro.com

Websitewww.adecoagro.com