4th Quarter 2014 Earnings Webcast

March 20, 2015

4Q14

…

DISCLAIMER

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.

2

Sugar, Ethanol & Energy Business

3

1.8

2.3

4Q13 4Q14

6.47.2

2013 2014

4Q14

Our mills crushed a total of 7.2 million tons of sugarcane in 2014, 31% over 2013

Sugar, Ethanol & Energy Business– Sugarcane Crushing

31%

Sugarcane crushing 4Q14

(millions)

4

Sugarcane crushing 2014

(millions)

+12%

4Q14

Enhanced harvest and milling efficiencies at our mills allowed us to increase daily milling by 8.7%

Sugar, Ethanol & Energy Business– Rainfalls

Mato Grosso do Sul Rainfall 2014 (1)

(1) Data has been obtained from Ivinhema, Mato Grosso do Sul.

5

Operational Metrics 2014 2013 Chg% 4Q14 4Q13 Chg%

Total Days (1) 255 252 0.9% 79 76 4.7%

Effective Milling Days 187 180 3.7% 60 53 14.0%

Total Crushing (thousand tons) 7,233 6,418 12.7% 2,296 1,755 30.8%

Milling per Day (thousand tons) 38.7 35.58 8.7% 37.96 33.08 14.8%

(1) Total Days vary as a result of different starting days at each of our mills

-

50

100

150

200

250

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Rai

ns

(mm

)

Mato Grosso 2014 Rains 17 Year Average Rains

99,409

124,412

2013 2014

13,616

23,39125,764

36,267

2011 2012 2013 2014

Sugarcane Planting

(hectares)

4Q14

Sugarcane planting is a key strategy to supply our mills with quality raw material at low cost

Sugar, Ethanol & Energy Business– Sugarcane Planting

+25%

Sugarcane Plantation Size

(hectares)

6

9,085

10,543

2013 2014

126.5 130.5

2013 2014

71.8

80.8

2013 2014

4Q14

Enhanced sugarcane management resulted in higher agricultural productivity indicators

Sugar, Ethanol & Energy Business– Agricultural Productivity

TRS content

(kg/ton)

+13

Sugarcane yields

(tons/ha)

7

TRS per hectare

(kg/ha)

+3 +16

335.6

413.7

2013 2014

47.1

29.4

2013 2014

132.5

173.8

2013 2014

325.1

469.9

2013 2014

Sugar Sales Volumes

(thousand tons)

+45%

4Q14

Despite the fall in sugar prices, sugar net sales grew 31%, driven by a 45% increase in volumes sold

Sugar, Ethanol & Energy Business– Sugar

Sugar Net Sales

($ million)

+31%

408 359

Average Realized Price US$/ton

Inventories

(thousand tons)

(38%)

8

+23%

Sugar Production

(thousand tons)

74.3 76.4

2013 2014

243.4

295.1

2013 2014

135.6

146.2

2013 2014

268.1299.8

2013 2014

4Q14

We have implemented an ethanol carry strategy, which should allow us to capture higher prices in the off-season

Sugar, Ethanol & Energy Business– Ethanol

Ethanol Sales Volumes

(thousand m3)

Ethanol Net Sales

($ million)

+8%

557 495

Average Realized Price US$/m3

Inventories

(thousand m3)

+3%

9

21%

12%

Ethanol Production

(thousand m3)

Energy is a key driver of our business and a very important component of our cash generation

Sugar, Ethanol & Energy Business– Energy

Cogen Efficiency Ratio

(Exported Energy per ton crushed (KWh/ton)

10

46.8

61.6

2013 2014

+32%

Energy Contribution to SE&E EBITDA Margin %

Energy Cash Margins

($ million)

Reduction in Production Cost

Energy Cash Margin converted into TRS Equivalent (cts/lb)

1.5

2.8

2013 2014

+88%

4Q14

Energy Cash Margin

39% 41%

2013 2014

+6%

Cogeneration 2014 %

Sales 58,715 100%

Cash Cost (1,737) -3%

Cash Margin 56,978 97%

37% of total segment Adj. EBITDA margin

261.0331.1

290.7

776.9 804.5

601.2

Oct Nov Dic

4Q13

4Q14

330.0

442.7

2013 2014

Total Net Sales

($ million)

27.2

58.7

2013 2014

4Q14

High cogen productivity coupled with high spot energy prices boosted net sales by 116%

Sugar, Ethanol & Energy Business– Energy

Percentage of Water Stored in SouthEast Reservoirs

Brazilian Energy Spot Prices 4Q13 vs 4Q14

(BRL Reais)

+198% +143%

+107%

81

133

Average Realized Price US$/MWh

Cogen Export Volumes

(thousand MWh)

+34%

+116%

11

(2)

(2) Does not include $1.3 million from energy commercialization in 2013

(1)

(1) Does not include 24,0 thousand MWh of energy commercialization IN 2013

0

20

40

60

80

100

Jan Fev Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2010 2011 2012 2013 2014

%

133 174

136

146 29

59

2013 2014

Energy (Mwh)

Ethanol (m3)

Sugar (tons)

35.3

59.4

4Q13 4Q14

10 24

50

63

49

56

4Q13 4Q14

Ethanol (m3)

Sugar (tons)

Energy (Mwh)

Adjusted EBITDA & EBITDA Margin 2014 ($ millions)

115.2

153.5

2013 2014

4Q14

Adjusted EBITDA in 4Q14 reached a record high of $59.4 million, driving Adj. EBITDA in 2014 to $153.5 million with a 41% Adj. EBITDA margin

Sugar, Ethanol & Energy Business– Financial Performance

Adjusted EBITDA Margin

Adjusted EBITDA Margin

Net Sales 4Q14 ($ millions)

+27%

41% 39%

+33%

Net Sales 2014 ($ millions)

42%

33%

+68%

142

108

297

379

Adjusted EBITDA & EBITDA Margin 4Q14 ($ millions)

12

+31%

4Q14

Construction of Ivinhema mill was essentially completed on schedule and on budget

Sugar, Ethanol & Energy Business– Construction Update

Highlights

CONSTRUCTION UPDATE

Ivinhema phase II has been completed on schedule

and oni budget, expanding milling capacity by 3.0

million tons per year.

Consolidated nominal crushing capacity stands at

10.0 million tons

Ivinhema began milling on March 16, 2015, with a

capacity of 20,000 per day and will reach 25,000 per

day in mid April

Ivinhema annual production:

300,000 tons of sugar

240,000 m3of ethanol

360,000 MWh of energy exports.

13

Farming Business

12

26,088 36,677

49,427

69,746

102,325

119,026

153,026

183,454 192,207

232,547 218,572 219,305 225,331

2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 E

92.7139.5

214.6257.9

434.5 454.6415.0

618.8666.6

738.8699.2

848.8

2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 E

4Q14

Higher yields in 2013/14 resulted in a 21% growth in production. 2014/15 planted area has grown by 3%

Farming Business – Planted Area & Production Evolution

15

Farming Production Evolution (Crops & Rice) (thousand tons)

Farming Planted Area Evolution (Crops & Rice) (thousand ha)

+21%

34.5

8.2 8.70.9

52.3

34.7

10.9 7.0

(0.1)

52.6

Crops Rice Dairy Others Farming Consolidated

7.64.9 2.7

0.0

15.2

(14.7)

(3.1)

1.5

(0.4)

(16.7)

Crops Rice Dairy Others Farming Consolidated

Farming Adjusted EBIT 2014 ($ millions)

4Q14

Adjusted EBIT in 2014 was in line with 2013 driven by higher yields and lower production costs

Farming Business – Financial Performance

Farming Adjusted EBIT 4Q14 ($ millions)

16

+1%

(107%) (20%) +34%

+1%

2013

2014

4Q13

4Q14

(45%)

4Q14

Soy and corn positions generated a $16.6 million gain in 3Q14. However, during 4Q14 the rebound in commodity prices generated a $11.0 million loss, resulting in a $0.4 million gain in 2014

Farming Business – Commodity Hedge Position

17

Soybean Hedge: • 192,000 tons (approximately 90% of

production )

• Price: $1,171 cents/bushel

Corn Hedge: • 198,000 tons (approximately 85% of

production)

• Price: $573 cents/bushel

Soybean Futures Contract May 2015

Corn Futures Contract July 2015

Hedge as of 12/31/14

Hedge as of 12/31/14

US

ce

nts

/bu

sh

el

US

ce

nts

/bu

sh

el

(1) Data has been obtained from our Carmen farm in Venado Tuerto, Santa Fe.

Good humidity conditions during crop flowering have enhanced crop growth and development

2013/14 vs 2014/15 vs 20 year Historical Average Monthly Rainfall

Evolution in Argentina’s Humid Pampas (1)

4Q14 Farming Business – 2014/15 Crop Status

18

0

20

40

60

80

100

120

140

160

180

200

Sep Oct Nov Dec Jan Feb

Rains 2014/15 10 Year Historical Average

Crop Flowering Wheat Early Corn Soy Late Corn

Financial Performance

16

Area & Production 2010 2011 2012 2013 2014 Chg%

Farming Planted Area (ha) (1) 183,454 192,207 232,547 219,305 225,331 2.7%

Sugarcane Planted Area (hect.) 53,799 65,308 85,663 99,409 124,412 25.2%

Farming Production (tons) (2)

618,834 666,589 738,847 699,179 848,843 21.4%

Sugarcane Crushing (tons) 4,066,115 4,168,082 4,488,935 6,417,951 7,232,827 12.7%

Net Sales 2010 2011 2012 2013 2014 Chg%

Farming & Land Transformation 197,741 270,766 322,368 327,163 315,837 (3.5%)

Sugar, Ethanol & Energy 204,256 258,939 271,447 297,265 378,633 27.4%

Total 401,997 529,705 593,815 624,428 694,470 11.2%

Adjusted EBITDA 2010 2011 2012 2013 2014 Chg%

Farming & Land Transformation 65,735 67,444 68,647 88,942 85,234 (4.2%)

Sugar, Ethanol & Energy 51,735 109,507 97,505 115,239 153,503 33.2%

Corporate (22,353) (26,885) (25,442) (23,478) (23,233) (1.0%)

Total 95,117 150,066 140,710 180,704 215,504 19.3%

Adjusted EBITDA Margin

Farming & Land Transformation(3) 27.6% 19.9% 17.3% 23.6% 23.3% (1.2%)

Sugar, Ethanol & Energy(3)(4)

19.9% 37.1% 31.2% 34.8% 37.5% 7.6%

Total 23.7% 28.3% 23.7% 28.9% 31.0% 7.2%

(1) Planted Area in 2014 is for the 2014/15 season

(2) Total Production for 2014 is for the 2013/14 season

(3) Corporate expenses a l located 50% to Farming & Land Transformation and 50% to Sugar, Ethanol & Energy

(4) Ca lculated over Net Sa les . Net Sa les i s ca lculated as Sa les less sugar and ethanol sa les taxes .

4Q14

Financial Performance will continue increasing year by year as we improve efficiencies in each one of our businesses and become the lowest cost producers

Financial Performance - Consolidated Financial Performance

20

37 72

30 10 11

155 105

295

227

316

192 177

325

237

326

2010 2011 2012 2013 2014 2015 2016

Sugar, Ethanol & Energy

Farming & Land Transformation

4Q14

Consolidated capex spending is expected to slow down in 2015 as we complete the Ivinhema mill in Mato Grosso do Sul

Financial Performance – CAPEX Evolution

21

2010-2016 CAPEX Evolution

+38%

180

160

80

90

87.1

113.8

584.7

611.4

Debt Cash Net debt

30%

70%

Short term

Long Term

4Q14

Net debt stands at $585 million as of December 31, 2014

Financial Performance - Net Debt

4Q14 Debt Currency Structure

4Q14 Net debt ($ millions)

4Q14 Debt Term Structure

Total debt as of December 31, 2014, was of $698.5

million.

70% of our debt is in the long term, composed mainly

of loans from multilateral banks (BNDES and IDB)

Net debt as of December 31, 2014 was of $584.7

million

698.5

S&E Farming

22

52%46%

2%

Brazilian Reals US Dollars

Argentine Pesos

USD 5.0%

BRL 6.4%

ARS 15.3%

(1) As of December 31, 2014

Average Interest Rate (1)

4Q14

Currency devaluation have a positive impact on our cash position

Financial Performance – FX Impacts

23

Sugar, Ethanol & Energy in Brazil Costs: 100% BRL

Revenues:

• Sugar: USD (80% production hedged; no FX hedge)

• Ethanol & Energy: BRL

Impact on EBITDA: Neutral

Impact on Cash Flow: Positive

Farming in Argentina • Costs: 50% USD / 50% ARS

• Revenues: 85% USD / 15% ARS

Impact on EBITDA: Highly Positive

Impact on Cash Flow: Highly Positive

BRL Spot

ARS Spot

Investor Relations

Charlie Boero Hughes - CFO Email: chboero@adecoagro.com TEL: +5411 4836 8804

Hernan Walker - IR Manager Email: hwalker@adecoagro.com TEL: +5411 4836 8651

ir.adecoagro.com

Thank you!