3nd Quarter 2017 Earnings Webcast

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1 3nd Quarter 2017 Earnings Webcast November 15, 2017

2 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 forwardlooking 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

3 Sugar, Ethanol & Energy Business 3

4 Sugar, Ethanol & Energy Business Sugarcane Crushing Crushing in increased as a result of the 17% expansion in the nominal capacity of the Angelica mill Operational Metrics - vs. Operational Metrics - 9M17 vs. 9M16 Operational Metrics % Change Operational Metrics 9M17 9M16 % Change Total Days % Total Days (1%) Effective Milling Days % Effective Milling Days (5%) Total Crushing (k tons) 4,116 3,797 8% Total Crushing (k tons) 8,040 7,997 1% Milling per Day (k tons) 54,431 50,852 7% Milling per Day (k tons) 49,462 46,779 6% Sugarcane crushing Sugarcane crushing (In Thousands Tons) (In Thousands Tons) 3,797 8% 4,116 7,997 1% 8,040 9M16 9M17 4

5 Sugar, Ethanol & Energy Business Sugarcane Productivity Sugarcane productivity remains lower than last year due to weather, but significantly higher compared to average yields throughout the Center-South region Yield per Hectare TRS per Ton TRS per Hectare , % 11,030 (24%) (23%) Yield per Hectare TRS per Ton TRS per Hectare , ,722 (15%) (17%) (2%) 9M16 9M17 9M16 9M17 9M16 9M17 5

6 Sugar, Ethanol & Energy Business Production Production in increased 12% driven by higher crushing and TRS Sugar Production (tons) 270, ,674 (1%) 141,085 Ethanol Production (M3) 26% 178,363 TRS Equivalent Exported Energy 523,834 (tons) 12% 584,646 Exported Energy per Ton Crushed (KWh/Ton) ,184 (MWh) 10% ,804 6

7 Sugar, Ethanol & Energy Business Sales Sales during increased by 12% driven by higher etanol, sugar and energy volumes, coupled with higher energy prices Ethanol Sales Volume (m3) USD/ m ,004 8% 81,123 Net Sales vs ($ 000) USD/ ton Sugar Sales Volume (Tons) 386 (12%) ,372 21% 327,716 Energy Sugar 153,294 14, ,483 12% 61% 7% 171,947 23, ,048 Ethanol Energy Sales Volume (MWh) 34,493 36,889 7% USD/ MWh ,215 22% 32% ,887 7

8 Sugar, Ethanol & Energy Business Financial Performance Lower EBITDA generation primarily driven by higher production cash cost Adj. EBITDA vs Adj. EBITDA 9M17 vs 9M16 Adjusted EBITDA Margin (1) 65% 80,249 ($ 000) 51% 74,341 Adjusted EBITDA Margin (1) 60% 152,977 ($ 000) 48% 165,967 (7%) 8% 9M16 9M17 (1) Net of third party commercialization 8

9 Sugar, Ethanol & Energy Business Hedge Position Sugar, Ethanol and Energy hedge position SUGAR ETHANOL ENERGY Year Year Year Price (U$ Cts/Lbs)¹ 18,00 Hedged (tons) 18,50 Price (U$/m³)¹ 473 Hedged (M3) - Price (U$/MWh)¹ 67 Hedged (MWh) , , , , ,

10 Farming Business 10

11 Farming Business Planted Area & Production Evolution 16/17 harvest is complete, 877 thousand tons were harvested. Planting activities for 17/18 crop are underway. We expect 3% increase in area Farming Production Evolution (Crops & Rice) (thousand tons) Farming Planted Area Evolution (Crops & Rice) (thousand ha)

Farming Business Financial Performance financial performance was offset by an extraordinary gain in Farming Adjusted EBITDA vs. ($ million) 16.1 (57%) (40%) 18% 8.3 6.9 2.5 2.6 2.8 1.7 2.4 2.

12 Farming Business Financial Performance financial performance was offset by an extraordinary gain in Farming Adjusted EBITDA vs. ($ million) 16.1 (57%) (40%) 18% Crops Rice Dairy Others Farming (0.2) 9M16 Farming Adjusted EBITDA 9M17 vs. 9M16 ($ million) (21%) 9M (42%) 101% Crops Rice Dairy Others Farming 12

13 Financial Performance 13

14 Financial Performance - Consolidated Financial Performance 9M17 Adj. EBITDA stands at $187 million, 1.6% higher year-over-year Area & Production Chg% 9M16 9M17 Chg% Farming Planted Area (hect.) 232, , , , , , , % 224, , % Sugarcane Planted Area (hect.) 85,663 99, , , , , , % 133, , % Farming Production (tons) 738, , , , , , , % 876, , % Sugarcane Crushing (tons) 4,488,935 6,417,951 7,232,827 8,335,448 11,114,509 3,797,200 4,116,044 8% 7,998,984 8,040,480 1% Net Sales Chg% 9M16 9M17 Chg% Farming & Land Transformation 322, , , , ,543 86,500 84,726 (2.1%) 212, , % Sugar, Ethanol & Energy 271, , , , , , , % 309, , % Total 593, , , , , , , % 522, , % Adjusted EBITDA Chg% 9M16 9M17 Chg% Farming & Land Transformation 68,647 88,942 85,234 70,282 53,962 16,054 6,942 (56.8%) 47,333 37,579 (20.6%) Sugar, Ethanol & Energy 97, , , , ,044 80,249 74,341 (7.4%) 152, , % Corporate (25,442) (23,478) (23,233) (21,776) (20,957) (6,476) (5,999) (7.4%) (16,113) (16,329) 1.3% Total 140, , , , ,049 89,827 75,284 (16.2%) 184, , % Adjusted EBITDA Margin (1) 23.7% 28.9% 31.0% 33.3% 35.4% 37.4% 29.3% (21.6%) 35.3% 29.3% (16.9%) (1) Calculated over Net Sales. Net Sales is calculated as Sales less sugar and ethanol sales taxes. 14

Financial Performance - Net Debt Net debt

2017 S&E Farming Net debt ($ millions) Debt

Long Term 943 586 Debt Currency Structure 523

1% (1) As of September 30st 2017 166 Debt Cash

15 Financial Performance - Net Debt Net debt stands at $586 million as of September 30, 2017 S&E Farming Net debt ($ millions) Debt Term Structure 1,109 23% % Short term Long Term Debt Currency Structure % 22% Average Interest (1) BRL 5.9% USD 6.1% (1) As of September 30st Debt Cash Net debt Net debt Brazilian Reals US Dollars Argentine Pesos 15

Thank you! ir.adecoagro.com Investor Relations Charlie Boero Hughes - CFO Email: chboero@adecoagro.

16 Thank you! ir.adecoagro.com Investor Relations Charlie Boero Hughes - CFO chboero@adecoagro.com TEL: Hernan Walker - IR Manager hwalker@adecoagro.com TEL:

3Q15 Earnings Presentation

3Q15 Earnings Presentation Disclaimer This report and the conference cover the results for Raízen s 3Q15 which refers to October, November and December 2014. As this dislosure has occurred prior to that