AGRO Adecoagro SA

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 15, 2017

2Q17 2Q17 Earnings Release Conference Call English Conference Call August 16, 2017 11 a.m. (US EST) 12 p.m. (Buenos Aires and São Paulo time) 5 p.m. (Luxembourg time) Tel: (844) 836-8746 Participants calling from the US Tel: +1 (412) 317-2501 Participants calling from other countries Access Code: Adecoagro Investor RelationsCharlie Boero Hughes CFO Hernan Walker IR Manager Email ir@adecoagro.com Website www.adecoagro.com Adecoagro reported Adjusted EBITDA of $67.2 million in 2Q17 and $111.9 million for 6M17, 31.3% and 18.6% higher year-over- year, respectively Luxembourg, August 15, 2017 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading agricultural company in South America, announced today its results for the second quarter ended June 30, 2017. The financial information contained in this press release is based on unaudited condensed consolidated financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 22 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this report. Highlights Financial & Operating Performance $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Gross Sales 228,530 169,220 35.0% 394,621 290,704 35.7% (1) Net Sales Adjusted EBITDA (2) Farming & Land Transformation 10,986 5,075 116.5% 30,637 31,279 (2.1%) Sugar, Ethanol & Energy 61,362 50,640 21.2% 91,626 72,728 26.0% Corporate Expenses (5,172) (4,558) (13.5%) (10,330) (9,637) (7.2%) Total Adjusted EBITDA 67,176 51,157 31.3% 111,933 94,370 18.6% Adjusted EBITDA Margin (2) 30.3% 31.1% (2.5%) 29.3% 33.5% (12.4%) Adj. EBITDA Margin net of 3 rd party commerc. (3 35.2% 35.0% 0.6% 34.3% 37.7% (8.8%) Net Income 3,801 (17,750) n.a 9,768 (14,998) n.a Adecoagro reported Adjusted EBITDA(3) of $67.2 million in 2Q17, marking a 31.3% increase compared to 2Q16. Adjusted EBITDA margin net of 3rd party commercialization, reached 35.2%, 143 basis points higher than 2Q16. Gross sales reached $228.5 million in 2Q17, 35.0% higher year-over year. Net income was $3.8 million in 2Q17, $21.6 million higher compared to 2Q16. (1) Net Sales are equal to Gross Sales minus sales taxes related to sugar, ethanol and energy. (2) Please see “Reconciliation of Non-IFRS measures” starting on page 22 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation, and amortization plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBIT is defined as consolidated profit from operations before financing and taxation plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales. (3) Adjusted EBITDA margin excluding third party commercialization activities is defined as the consolidated Adjusted EBITDA net of the Adjusted EBITDA generated by the commercialization of third party sugar, grains and energy, divided by consolidated gross sales net of those generated by the commercialization of third party sugar, grains and energy. We net 3rd party commercialization results to highlight the margin generated by our own production.

Financial & Operational Performance Highlights Adjusted EBITDA for our Farming and Land Transformation businesses’ in 2Q17 was $11.0 million, 116.5% higher than in 2Q16. The increase is primarily explained by a $22.9 million increase in gains derived from the mark-to-market effect of our commodity hedge position. This gain was partially offset by a $17.6 million decrease in margins, particularly from our Crops segment, resulting from (i) lower soybean and corn prices; and (ii) higher production costs measured in USD as a result of the real appreciation of the Argentine peso. Year-to-date, Adjusted EBITDA reached $30.6 million compared to $31.3 million the same period last year. Higher productivity across our Crops, Rice and Dairy operations was offset by lower soybean and corn prices and the impact of the real appreciation of the Argentine peso. In our Sugar, Ethanol & Energy business, Adjusted EBITDA in 2Q17 reached $61.4 million, marking a 21.2% increase compared to 2Q16. The main factors which contributed strong financial performance during the quarter were: (i) an increase in sugar and ethanol selling volumes, 22.5% and 53.5% higher year-over-year, respectively; (ii) an increase in sugar, ethanol and energy realized selling prices, respectively 14.6%,16.5% and 49.2%; and (iii) a $21.0 million gain generated from the mark-to-market effect of our sugar hedge position, compared to a $13.2 million loss recognized during 2Q16. This increase in financial performance was achieved despite (i) an 8.6% decrease in sugarcane crushing as a result of above average rainfalls during April and May; (ii) the appreciation of the Brazilian Reais (BRL) which resulted in higher productions costs measured in USD; and (iii) a $7.3 million non-cash loss generated from the mark-to-market valuation of our unharvested sugarcane plantation, compared to a $21.4 million gain in 2Q16. On a cumulative basis, Adjusted EBITDA for 6M17 grew by 26.0% reaching $91.6 million. Main drivers and offsetting factors are in line with those explained for the quarter. Adjusted EBITDA margin reached 39.2%, while Adjusted EBITDA margin net of third party commercialization was 46.1%, compared to 55.2% from 6M16. Lower margins are mainly explained by an increase in production costs as a result of the appreciation of the BRL coupled with a decrease in total TRS produced. Net Income in 2Q17 was $3.8 million, compared to a loss of $17.8 million in 2Q16. This increase is explained by (i) a $16.0 million increase in Adjusted EBITDA; and (ii) lower financial losses ($22.9 million compared to $38.3 million in 2Q16). These results were partially offset by a $10.2 milllion increase in depreciation expense, mainly explained by the expansion of our sugarcane plantantion. Strategy Execution Sugar, Ethanol and Energy Expansion Update Phase I: The industrial expansion of the Angelica mill was completed during June 2017. We have installed larger mill rollers which have allowed us to increase sugarcane crushing per hour by 150 tons/hr or 17%. Annual nominal crushing capacity has increased 0.9 million tons per year to a total of 5.7 million tons. Phase II: We have begun building the foundations to add a new cane crusher to the Ivinhema mill. Construction is progressing well and on schedule. Once completed, we will proceed with the expansion of the juice treatment and sugar factory. These investments will allow us to increase crushing capacity by 400 tons/hour or 2.1 million tons per year. Ivinhema is expected to reach a total capacity of 7.3 million. The expansion of our sugarcane plantation to supply the new capacity is also advancing well. As of the end of July 2017, we have leased 19.3 thousand hectares of which 6.4 thousand have already been planted. We expect sugarcane planting to grow at a pace which will allow total milling to increase by approximately 0.5 2

million tons per year, reaching a total of 14.2 million tons by 2023 (13.0 million in the Cluster and 1.2 million at UMA mill). Share Repurchase Program Over the last 12-months and as of the date of this report, Adecoagro has repurchased a total of 1.5 million shares or 1.2% of outstanding shares for a total dollar amount of $15.1 million. Since the inception of the program in August 2013, Adecoagro has repurchased an aggregate of 3.8 million shares equivalent to 3.1% of outstanding shares or $33.4 million. On August 11, 2017, the Board of Directors approved the extension of the Company’s share repurchase program for an additional twelve-month period ending on September 23, 2018. Under the buyback program, the Company can acquire shares up to 5% of the outstanding share capital or 6.1 million shares. Market Overview Sugar prices during 2Q17 were, on average, 23% lower quarter-over-quarter and 11% lower year-over-year. Sugar prices have been under pressure by bearish sentiment from financial speculators who currently hold a record net short position in sugar. The steep decrease was driven primarily by financial speculators which turned their position from net long to a record net short. Sugar prices sought support from ethanol parity in Brazil, which kept falling as a result of the BRL devaluation, crude oil price weakness and Petrobras gasoline price cuts. Going forward, uncertainties regarding weather and consequently production in key countries and the macro scenario should translate to high price volatility throughout the rest of the year. Ethanol prices during April experienced the typical seasonal downward trend, following the commencement of the Brazilian Center-South harvest combined with lower gasoline prices, demand and imports. According to the ESALQ price index, hydrous and anhydrous prices in Brazilian Reais fell 16% and 13% quarter-over- quarter, respectively, and 3% year-over-year. Ethanol production year-to-date fell 14.3% driven by a 7.8% decrease in sugarcane crushing and a higher sugar mix, but was offset by a 14.0% decrease in ethanol demand since the beginning of the 17/18 crop. Going forward, an expected increase in total fuel demand, coupled with lower ethanol production and recent changes in PIS/COFINS taxes on fuels by the Brazilian government may positively affect supply and demand and prices. Soybean and corn prices increased 0.4% and 0.7% respectively during 2Q17, and stood in average 11.0% and 6.0% lower year-over-year. Grain prices during the quarter were highly volatile. On the one side, prices were negatively affected by an increase in soybean and corn inventories (10.5% and 10.9% respectively), as reported by USDA Quarterly Stocks report on June 30, 2017. However, towards the end of the quarter, prices found support driven by adverse weather conditions in the US at the start of the growing season. Increased weather uncertainty throughout July which has increased volatility and positively affected prices. In terms of demand, the depreciation of the US dollar over the last three months has supported grain prices making US exports more competitive on global markets. 3

Farming & Land Transformation Business Operational Performance 2016/17 Harvest Year Farming Production Data Planting & Production Planted Area (hectares) 2016/17 Harvested Area 2016/17 2015/16 Chg % Hectares % Harvested Production Yields (Tons per hectare) (3) 2016/17 2015/16 Chg % Soybean 55,237 59,474 (7.1%) 51,648 93.5% 154,389 3.0 2.8 6.1% Soybean 2nd Crop 29,197 28,903 1.0% 28,443 97.4% 69,027 2.4 2.4 0.1% Corn (1) 44,630 38,663 15% 21,973 49.2% 141,254 6.4 6.0 6.8% Corn 2nd Crop 9,987 3,994 150.1% 7,476 74.9% 35,202 4.7 3.9 20.9% Wheat (2) 38,008 32,396 17.3% 38,008 100.0% 115,336 3.0 2.5 19.6% Sunflower 5,413 9,547 (43.3%) 5,413 100.0% 10,112 1.9 1.6 14.9% Cotton 2,640 - n.a 2,387.0 - 179 - - - Total Crops 185,113 172,976 7.0% 155,348 83.9% 525,499 Rice 39,728 37,580 5.7% 39,728 100.0% 234,819 5.9 5.1 15.9% Total Farming 224,841 210,556 6.8% 195,076 86.8% 760,317 Owned Croppable Area 121,411 120,065 1.1% 111,906 92.2% Leased Area 64,245 64,486 (0.4%) 47,250 73.5% Second Crop Area 39,184 26,005 50.7% 35,920 91.7% Total Farming Area 224,841 210,556 6.8% 195,076 86.8% Milking Cows (Average Heads) Milk Production (MM liters)(1) Productivity (Liters per cow per day) Dairy 2Q17 2Q16 Chg % 2Q17 2Q16 Chg % 2Q17 2Q16 Chg % Milk Production 6,836 6,778 0.9% 21.9 21.6 1.2% 35.2 35.1 0.4% (1) Includes sorghum and peanuts (2) Includes barley. (3) Yields for 2016/17 season are partial yields related to the harvesed area as of July 15, 2016. Yields for 2015/16 reflect the full harvest season. Note : Some planted areas may reflect immaterial adjustments compared to previous reports due to a more accurate area measurement, which occurred during the current period. As of July 28, 2017, 86.8% of our planted area was successfully harvested. The remaining 23,781 hectares are expected to be harvested by early August. Soybean: As of the end of July 2017, we harvested 93.5%, or 51,648 hectares of our soybean crop. Average yield reached 3.0 tons per hectare, 6.1% above the previous harvest season. This is attributable to the adequate and timely rains that the crop received throughout the flowering period. Soybean 2nd crop: By the end of July 2017, 97.4% of the planted area was harvested. Yields were in line with the 2015/16 harvest season reaching 2.4 tons per hectare, and significantly above our historical average yields. Corn: As of July 27, 2017, the harvested area for early corn totaled 21,973 hectares or 49.2% of the total planted area. To diversify crop risk and manage water requirements, approximately 27% of the corn was planted early in September and 73% was planted late during the end of November and December 2016. Average yields obtained by the end of July were 6.4 tons per hectare, a 6.8% increase compared to the previous harvest year. 4

Sunflower: As July, 2017, 100.0% of our sunflower area was harvested, yielding an average of 1.9 tons/ha, 14.9% above the previous harvest season. Wheat: We completed the harvest as of December 2016. Average yield for the wheat crop was 3.0 tons per hectare, 19.6% higher than the previous harvest year. Rice: The rice harvest was fully completed by mid-April. Harvested yields reached 5.9 tons per hectare, 15.9% higher than the previous crop. The supply of water in dams and rivers was sufficient to flood the rice fields throughout the crop’s cycle. We expect yields to improve in the upcoming harvest years as we continue with the transformation process and zero-leveling of our rice farms-precise leveling of the land based on GPS and Laser technology, resulting in reduced water irrigation requirements, and lower costs of labor and energy. 2017/18 Harvest Year Towards the end of 2Q17, Adecoagro began its planting activities for the 2017/18 harvest year. As of the date of this report, a total of 30,669 hectares of wheat have been planted and are developing normally. 5

Farming & Land Transformation Financial Performance Farming & Land Transformation business - Financial Highlights $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Gross Sales Farming 92,495 78,294 18.1% 147,934 126,227 17.2% Total Sales 92,495 78,294 18.1% 147,934 126,227 17.2% Adjusted EBITDA (1) Farming 10,986 5,075 116.5% 30,637 31,279 (2.1%) Land Transformation - - - - - - Total Adjusted EBITDA (1) 10,986 5,075 116.5% 30,637 31,279 (2.1%) Adjusted EBITDA Margin 11.9% 6.5% 83.2% 20.7% 24.8% -16.4% Adj. EBITDA Margin net of 3rd party commerc. (2) 13.0% 6.5% 100.1% 23.5% 25.3% -6.9% Adjusted EBIT (3) Farming 9,379 3,800 146.8% 27,505 28,830 (4.6%) Land Transformation - - - - - - Total Adjusted EBIT (3) 9,379 3,800 146.8% 27,505 28,830 (4.6%) Adjusted EBIT Margin 10.1% 4.9% 108.9% 18.6% 22.8% (18.6%) Adjusted EBITDA(2) in the Farming and Land Transformation businesses was $11.0 million in 2Q17, $5.9 million or 116.5% higher than 2Q16. This improvement in financial performance is primarily the result of (i) a $22.9 million increase in results generated by the mark-to-market effect of our soybean and corn commodity hedges; and (ii) a 141.1% increase in margins related to our Dairy business driven by higher prices and productivity. Results were partially offset by the lower margins in the Crops business driven by lower soybean and corn prices, coupled with higher costs measured in USD terms resulting from the real appreciation of the Argentine peso. On an accumulated basis, Adjusted EBITDA totaled $30.6 million, 2.1% below the same period of last year. This reduction is mostly explained by lower commodity prices and higher production costs in USD terms as a result of the real appreciation of the Argentine peso. (1) Please see “Reconciliation of Non-IFRS measures” starting on page 22 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation and amortization plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBIT is defined as consolidated profit from operations before financing and taxation plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales. (2) Adjusted EBITDA margin excluding third party commercialization activities is defined as the consolidated Adjusted EBITDA net of the Adjusted EBITDA generated by the commercialization of third party grains, divided by consolidated net sales net of those generated by the commercialization of third party grains. We net 3rd party commercialization results to highlight the margin generated by our own production. 6

Crops Segment Crops - Highlights metric 2Q17 2Q16 Chg % 6M17 6M16 Chg % Gross Sales $ thousands 59,700 46,148 29.4% 84,896 68,097 24.7% thousand tons 265 193 37.8% 403 297 35.6% $ per ton 225.1 240 (6.1%) 210.7 229 (8.1%) Adjusted EBITDA $ thousands 7,904 3,381 133.8% 20,424 20,356 0.3% Adjusted EBIT $ thousands 7,547 3,028 149.2% 19,732 19,680 0.3% Planted Area (1) hectares 185,113 172,976 7.0% 185,113 148,929 24.3% (1) Does not include second crop planted area. Adjusted EBITDA in our Crops segment increased to $7.9 million in 2Q17 from $3.4 million in 2Q16. The increase is primarily explained by (i) a $1.2 million gain generated from the mark-to-market effect of our commodity hedge position, compared to a $21.1 million loss in 2Q16. This result was partially offset by a $17.7 million decrease in Changes in Fair Value of Biological Assets and Agricultural Produce and Changes in Net Realizable Value, which reflects the margin recognized throughout the biological growth cycle and harvest of our crops. The decrease in crop margins is primarily explained by: (i) lower commodity prices year-over-year; (ii) higher production costs - measured in USD terms as a result of the real appreciation of the Argentine peso; and (iii) partially offset by higher soybean, corn and wheat yields. Crops - Changes in Fair Value Breakdown 6M17 metric Soy Soy 2nd Crop Corn Corn 2nd Crop Wheat Sunflower Cotton Total 2016/17 Harvest Year Total Planted Area Hectares 54,768 30,604 44,527 9,982 39,100 5,454 2,640 187,075 Area planted in initial growth stages Hectares - - - - - - - Area planted with significant biological growth Hectares 4,131 1,981 25,199 4,365 - - 253 35,929 Changes in Fair Value 6M17 from planted area 2016/17 (ii) $ thousands 55 -102 782 23 - - - 758 Area harvested in previous period Hectares 3,684 170 6,560 39,099 5,421 - 54,935 Area harvested in current period Hectares 46,953 28,453 12,768 5,617 1 33 2,387 96,212 Changes in Fair Value 6M17 from harvested area 2016/17 (i) $ thousands 9,664 4,342 2,166 784 (849) 395 83 16,585 Total Changes in Fair Value in 6M17 (i+ii) $ thousands 9,719 4,240 2,948 807 (849) 395 83 17,343 The table above shows the gains or losses from crop production generated during 6M17. A total of 187,075 hectares were planted in the 2016/17 crop. As of June 30, 2017, total Changes in Fair Value, which reflects the margin of both the crops that have already been harvested and the expected margin of those that are still on the ground with significant biological growth, was $17.3 million, compared to $45.7 million generated during the same period last year. As explained above, the main drivers for the decrease in margins are lower commodity prices, coupled with higher costs of production, measured in USD. Planting activities related to the new 2017/18 crop are underway. We have planted 30.7 thousand hectares of wheat. Abundant rainfalls during the end of the quarter have also provided good soil humidity, which is necessary for planting. 7

As shown in the table below, crops sales year-to-date reached $84.9 million, 24.7% above last year. Crops - Gross Sales Breakdown Crop Amount ($ ’000) Volume 2Q17 2Q16 Chg % 2Q17 2Q16 Chg % $ per unit 2Q17 2Q16 Chg % Soybean 35,402 33,150 6.8% 126,074 124,089 1.6% 281 267 5.1% Corn (1) 22,098 8,886 148.7% 134,066 51,153 162.1% 165 174 (5.1%) Wheat (2) 823 1,652 (50.2%) 5,088 11,073 (54.1%) 162 149 8.4% Sunflower 16 2,141 (99.3%) 11 5,877 (99.8%) 1,456 364 299.7% Cotton Lint 46 283 (83.7%) 25 333 (92.5%) 1,840 849 116.8% Others 1,315 36 n.a Total 59,700 46,148 29.4% Amount ($ ’000) Volume Crop 6M17 6M16 Chg % 6M17 6M16 Chg % $ per unit 6M17 6M16 Chg % Soybean 40,764 39,358 3.6% 142,743 149,829 (4.7%) 286 263 8.7% Corn (1) 31,512 16,103 95.7% 190,308 93,239 104.1% 166 173 (4.1%) Wheat (2) 10,523 5,642 86.5% 68,595 37,042 85.2% 153 152 0.7% Sunflower 438 5,245 (91.6%) 1,204 15,882 (92.4%) 364 330 10.2% Cotton Lint 46 1,118 (95.9%) 25 1,048 (97.6%) 1,840 1,066 72.5% Others 1,613 631 155.6% Total 84,896 68,097 24.7% (1) Includes sorghum (2) Includes barley Note: Prices per unit are a result of the averaging of different local market prices such as FAS Rosario (Arg), FOB Nueva Palmira (Uru) and FOT Luis Eduardo Magalhaes (BR) 8

Rice Segment Rice - Highlights metric 2Q17 2Q16 Chg % 6M17 6M16 Chg % Gross Sales $ thousands 24,018 25,007 (4.0%) 43,278 45,556 (5.0%) thousand tons (1 60.2 90.0 (33.2%) 123.0 164.0 (25.0%) Sales of White Rice $ per ton 337 246 37.0% 301 246 22.5% $ thousands 20,267 22,127 (8.4%) 37,035 41,456 (10.7%) Sales of By-products $ thousands 3,751 2,880 30.3% 6,243 4,100 52.3% Adjusted EBITDA $ thousands 483 437 10.5% 5,215 9,014 (42.1%) Adjusted EBIT (481) (181) (165.7%) 3,329 7,841 (57.5%) Area under production (2) 39,728 37,565 5.8% 39,728 37,565 5.8% Rice Milling Total Rice Produced thousand tons (1 62.9 63.1 (0.3%) 121.1 103.1 17.5% Ending stock thousand tons (1 139.3 156.6 (11.0%) 139.3 156.6 (11.0%) (1) Of rough rice equivalent. (2) Areas under production correspond to the 2016/17 and 2015/16 harvest years Due to the seasonality and growth cycle of the rice crop, most of the margin generated in the 2016/17 harvest was recognized in the first quarter of 2017 as the crop was harvested. Adjusted EBITDA generation during the rest of the year is usually driven by sales of processed rice and by-products, net of selling expenses and overhead costs. Sales during 2Q17 reached $24.0 million, 4.0% lower year-over-year, mainly as a result of a 33.2% drop in volumes sold and largely offset by 37.0% increase in white rice prices. Export shipments have been postponed towards the second half of the year, so we expect stronger sales to come in third and fourth quarters. Adjusted EBITDA during 2Q17 was $0.5 million, 10.5% higher year-over-year. On a year-to-date basis, Adjusted EBITDA reached $5.2 million, 42.1% lower than 6M16 primarily explained by higher production costs in dollar terms as a result of the real appreciation of the Argentine peso in real terms. 9

Dairy Segment Dairy - Highlights metric 2Q17 2Q16 Chg % 6M17 6M16 Chg % Gross Sales $ thousands (1) 8,510 6,860 24.1% 19,322 12,029 60.6% million liters (2) 21.9 21.6 1.2% 49.0 44.1 11.2% $ per liter (3) 0.36 0.28 30.8% 0.36 0.24 48.9% Adjusted EBITDA $ thousands 2,536 1,052 141.1% 4,814 1,419 239.3% Adjusted EBIT $ thousands 2,280 805 183.2% 4,320 929 365.0% Milking Cows Average Heads 6,836 6,778 0.9% 6,805 6,762 0.6% Cow Productivity Liter/Cow/Day 35.2 35.1 0.4% 35.3 35.0 0.9% Total Milk Produced million liters 21.9 21.6 1.2% 43.5 43.1 1.0% (1) includes sales of powdered milk, and sales of culled cows and fattened male cows (2) includes liters of milk destined towards powdered milk production (3) Sales price reflects the sale of fluid milk Our Dairy operation continues to deliver strong operational and financial performance. Milk production reached 21.9 million liters in 2Q17, 1.2% higher than 2Q16. The increase in production was driven by a 0.9% increase in our dairy cow herd as a result of improved operational efficiencies coupled by a 0.4% increase in cow productivity, which reached 35.2 liters per cow per day. Adjusted EBITDA in the quarter reached $2.5 million, $1.5 million higher than 2Q16. This growth is mainly explained by (i) a 24.1% increase in sales driven by a 30.8% growth in raw milk prices, and (ii) a $0.1 million non-cash gain resulting from the revaluation of our cow herd. These results were partially offset by the increase in production costs measured in USD as a result of the real appreciation of Argentine peso. All Other Segments All Other Segments - Highlights metric 2Q17 2Q16 Chg % 6M17 6M16 Chg % Gross Sales $ thousands 267 279 (4.3%) 438 545 (19.6%) Adjusted EBITDA $ thousands 63 205 (69.3%) 184 490 (62.4%) Adjusted EBIT $ thousands 33 148 (77.7%) 124 380 (67%) All Other Segments primarily encompasses our cattle business. Our cattle segment consists of pasture land that is not suitable for crop production due to soil quality and is leased to third parties for cattle grazing activities. 10

Land transformation business There were no farm sales during 2Q17 and 2Q16. Land transformation is an ongoing process in our farms, which consists of transforming undervalued and undermanaged land into its highest production capabilities. Adecoagro is currently engaged in the transformation of several farms, especially in the northeastern region of Argentina, where farms formerly used for cattle grazing are being successfully transformed into high yielding crop and rice farms. The company is continuously seeking to recycle its capital by disposing of a portion of its developed farms. This allows the company to monetize the capital gains generated by land transformation and allocate its capital to other farms or assets with higher risk-adjusted returns, thereby enhancing return on invested capital. 11

Sugar, Ethanol & Energy Business Operational Performance Sugar, Ethanol & Energy - Selected Information metric 2Q17 2Q16 Chg % 6M17 6M16 Chg % Milling Sugarcane Milled tons 2,463,768 2,695,340 (8.6%) 3,924,436 4,199,392 (6.5%) Own Cane tons 2,331,565 2,536,673 (8.1%) 3,570,313 3,986,130 (10.4%) Third Party Cane Production tons 132,203 158,667 (16.7%) 354,123 213,263 66.1% Sugar tons 142,771 156,112 (8.5%) 202,455 217,449 (6.9%) Ethanol M3 88,333 99,900 (11.6%) 149,414 160,111 (6.7%) Hydrous Ethanol M3 53,514 59,925 (10.7%) 94,333 101,517 (7.1%) Anhydrous Ethanol M3 34,819 39,975 (12.9%) 55,081 58,594 (6.0%) TRS Equivalent Produced tons 299,839 333,548 (10.1%) 466,086 499,944 (6.8%) Sugar mix in production 50% 49% 1.7% 45% 45% (0.1%) Ethanol mix in production 50% 51% (1.7%) 55% 55% 0.1% Energy Exported (sold to grid) MWh 164,810 176,874 (6.8%) 269,779 244,861 10.2% Cogen efficiency (KWh sold per ton crushed) Agricultural Metrics KWh/ton 66.9 65.6 1.9% 68.7 58.3 17.9% Harvested own sugarcane thousand tons 2,331,565 2,536,673 (8.1%) 3,570,313 3,986,130 (10.4%) Harvested area Hectares 27,025 22,948 17.8% 40,190 37,094 8.3% Yield tons/hectare 86.4 111.2 (22.3%) 88.9 107.5 (17.3%) TRS content kg/ton 120.0 119.3 0.6% 116.3 115.0 1.1% TRS per hectare kg/hectare 10,367 13,261 (21.8%) 10,340 12,353 (16.3%) Mechanized harvest Area % 98.5% 98.1% 0.4% 97.6% 98.7% (1.1%) Sugarcane Plantation hectares 139,605 132,854 5.1% 139,605 132,854 5.1% Expansion & Renewal Area hectares 4,865 4,884 (0.4%) 10,378 8,558 21.3% A total of 2.5 million tons of sugarcane were milled during 2Q17, 8.6% lower than 2Q16. Crushing in the quarter was negatively affected by above average rains, particularly during April and the first half of May. However, weather during June was drier than average and allowed us to accelerate the milling pace compensating for most of the delay in crushing. As a result of the slowdown in crushing volumes, sugar, ethanol and energy production was respectively 8.5%, 11.6% and 6.8% lower than the same period of last year. Year-to-date, sugarcane milling reached 3.9 million tons of sugarcane, 6.5% lower than in 6M16. This is mainly attributable to (i) delay in harvest of our own sugarcane during the first quarter; and (ii) above average rains during April and May. As a result, total production measured in TRS fell 6.8%, to 466,086 tons. Production mix year-to-date has been slightly slanted towards ethanol as a result of higher relative prices. In our cluster in Mato Grosso do Sul, during 2Q17, the price and margin of anhydrous ethanol (including tax rebate) was the most attractive amongst our products, trading at an average premium to VHP sugar of 5.7%. Hydrous ethanol was priced at a small discount to VHP sugar. Our cogeneration operation continues to outperform. This was explained by higher stability in the cogeneration process coupled with the fact that we collected and burnt straw in order to increase our cogeneration capacity 12

and profit from higher energy prices. The cogen efficiency ratio reached 66.9 KWh/ton in 2Q17 and 68.7 KWh/ton in 6M17, respectively 1.9% and 17.9% higher than the same periods of 2016. In terms of agricultural productivity, sugarcane yields during the first half of the year reached 88.9 tons/ha, significantly above the 5-year average yield for Brazil´s center-south region. Yields remain 17.3% below yields in 6M16, mainly explained by: (i) above average rainfalls during November 2015 through February 2016, which were highly beneficial for the 2016 crop compared to below average rains during 4Q16 and 1Q17; (ii) a longer growth cycle for a greater proportion of the sugarcane harvested in 2016 than the sugarcane harvested in 2017. TRS content per ton of sugarcane has been slightly higher this year reaching 120.0 kg/ton in 2Q17. As of June 30, 2017, our sugarcane plantation consisted of 139,605 hectares, marking a 5.1% growth year-over- year. Sugarcane planting continues to be a key strategy to supply our mills with quality raw material at low cost. During 6M17 we planted a total of 10,378 hectares of sugarcane. Of this total area, 5,014 hectares correspond to expansion areas planted to supply the additional sugarcane needed to operate at full capacity; and 5,364 hectares correspond to areas planted to renew old plantations with newer and high-yielding sugarcane, thus allowing us to maintain the productivity of our plantation. Financial Performance Sugar, Ethanol & Energy - Highlights $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Net Sales (1) 129,277 86,318 49.8% 233,699 155,614 50.2% Gross Profit Manufacturing Activities 28,532 26,890 6.1% 52,935 46,822 13.1% Adjusted EBITDA 61,362 50,640 21.2% 91,626 72,728 26.0% Adjusted EBITDA Margin 47.5% 58.7% (19.1%) 39.2% 46.7% (16.1%) Adjusted EBITDA Margin (net of third party commercialization) (2) 58.6% 74.8% (21.7%) 46.9% 57.5% (18.4%) (1) Net Sales are calculated as Gross Sales net of sales taxes. (2) Adjusted EBITDA Margin net of third party commercialization is defined as Adjusted EBITDA net of the Adjusted EBITDA generated by the commercialization of third party sugar divided by net sales excluding sales from third party sugar volumes. Net sales in 2Q17 reached $129.3 million, 49.8% higher than 2Q16. This increase was primarily driven by the combination of: (i) a 53.5% growth in ethanol sales volumes and a 22.5% growth in sugar sales volumes; and (ii) a 16.5% increase in ethanol prices coupled with a 14.6% increase in sugar prices. Adjusted EBITDA during 2Q17 was $61.4 million, 21.2% or $10.7 million higher year-over-year. Adjusted EBITDA was positively affected by: (i) higher sales volumes and prices as explained above; and (ii) a $21.0 million gain from the mark-to-market of our commodity hedge position in 2Q17, as a result of the fall in sugar prices, compared to a $13.2 million loss in 2Q16. These positive effects were partially offset by (iii) lower projected sugar prices which resulted in a $28.3 million loss in Changes in Fair Value of unharvested sugarcane; and (iv) an 8.4% appreciation of the BRL, which resulted in higher production costs. On a cumulative basis, Adjusted EBITDA in 6M17 grew by 26.0% reaching $91.6 million. The main drivers for the increase are in line with those attributable to the quarter. Selling volumes increased by 15.6% and 29.9% for sugar and ethanol, respectively, while the mark-to-market of our sugar hedge position generated a gain which was $44.5 million higher than that of 6M16. These positive results were partially offset by (i) a $31.8 million loss

in Changes in Fair Value, generated by the mark-to-market effect of our unharvested sugarcane plantation as a result of lower projected sugar prices; coupled with (ii) a 14.3% appreciation of the BRL during the first half of the year. This increase in costs explains the reduction in Adjusted EBITDA margins. The table below reflects the breakdown of net sales for the Sugar, Ethanol & Energy business. Sugar (tons)(2) 74,720 53,194 40.5% 179,873 146,786 22.5% 415 362 14.6% Ethanol (cubic meters) 42,803 23,943 78.8% 92,196 60,069 53.5% 464 399 16.5% Hydrous Ethanol 17,308 8,099 113.7% 39,952 22,140 80.5% 433 366 18.4% Anhydrous Ethanol 25,496 15,844 60.9% 52,244 37,929 37.7% 488 418 16.8% Energy (Mwh) 11,754 9,182 28.0% 192,451 224,320 (14.2%) 61 41 49.2% TOTAL 129,277 86,318 49.8% Sugar (tons)(2) 121,598 81,372 49.4% 286,042 247,536 15.6% 425 329 29.3% Ethanol (cubic meters) 94,735 62,725 51.0% 187,076 144,016 29.9% 506 436 16.3% Hydrous Ethanol 39,981 23,948 66.9% 85,730 58,873 45.6% 466 407 14.6% Anhydrous Ethanol 54,754 38,777 41.2% 101,347 85,143 19.0% 540 455 18.6% Energy (Mwh) 17,366 11,516 50.8% 318,122 290,705 9.4% 55 40 37.8% TOTAL 233,699 155,614 50.2% (1) Net Sales are calculated as Gross Sales net of ICMS, PIS, CONFINS, INSS and IPI taxes. (2) Includes commercialization of third party sugar: 49.1k tons ($21.1m) in 2Q17 and 32.0k tons ($15.2m) in 2Q16 (3) Includes commercialization of energy from third parties. On a quarterly basis, sugar sales volumes grew 22.5% year-over-year. Most of the sugar delivered was related to fixed price contracts entered up to 12 months ago. Accordingly, we were able to achieve average realized selling prices during the quarter of $415/ton, 14.6% higher compared to 2Q16. As a result of the volume growth and higher prices, net sales reached $74.7 million, a 40.5% increase. Ethanol sales volumes increased 53.5% compared to the same quarter of last year reflecting our strategy of increasing anhydrous contracts and take advantage of Mato Grosso do Sul tax rebate. Average realized prices increased by 16.5%, resulting in a 78.8% growth in net sales. In the case of energy, the 49.2% increase in average realized prices was partially offset by a 14.2% reduction in selling volumes as a result of less energy trading. 14

Sugar, Ethanol & Energy - Total Production Cash Costs $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Industrial costs 19,843 15,685 26.5% 26,850 21,357 25.7% Agricultrual costs 69,302 62,691 10.5% 105,835 86,150 22.8% Harvest, Loading & Transport 29,841 31,957 (6.6%) 43,455 45,283 (4.0%) Cane Depreciation 11,775 5,814 102.5% 17,879 8,075 121.4% Cane from 3rd parties 3,849 4,387 (12.3%) 9,088 5,483 65.8% Leasing costs 10,638 11,529 (7.7%) 15,195 15,666 (3.0%) Maintenance costs 13,199 9,004 46.6% 20,219 11,643 73.7% Total Production Costs (USD) 89,145 78,375 13.7% 132,685 107,507 23.4% Depreciation (excluding SG&A) 31,127 21,806 42.7% 43,807 32,111 36.4% Total Production Cash Costs (USD) 58,018 56,569 2.6% 88,878 75,396 17.9% Total Production Cash Costs (BRL) 184,655 180,829 2.1% 283,265 256,781 10.3% Total producton cash costs per ton of sugarcane crushed (USD) 24 21 12.2% 23 18 26.1% Total producton cash costs per ton of sugarcane crushed (BRL) 75 67 11.7% 72 61 18.0% Total production costs per ton of TRS produced 297 235 26.5% 285 215 32.4% As shown in the table above, production cash costs during 2Q17 increased 2.1% in BRL terms and increased 10.3% on an accumulated basis, mainly as a result of inflation. Production costs measured per ton of sugarcane crushed in local currency increased by 18.0% as a result of the delay in sugarcane crushing. Sugar, Ethanol & Energy - Changes in Fair Value $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Changes in FV Harvested Sugarcane (Agricultural Produce) 4,829 4,466 8.1% 12,234 8,356 46.4% Changes in FV Unharvested Sugarcane = [(a+b)-(c +d-e)] (7,278) 21,384 (134.0%) (17,362) 18,308 n.a Sugarcane Valuation Model current period (a) 71,017 102,708 (30.9%) 71,017 102,708 (30.9%) Capitalized crop maintenance costs LTM as of current period (b) (61,871) (45,951) 34.6% (61,871) (45,951) 34.6% Sugarcane Valuation Model previous period (c ) 81,406 74,127 9.8% 82,380 59,077 39.4% Capitalized crop maintenance costs LTM as of previous period(d) (61,461) (47,956) 28.2% (54,757) (35,781) 53.0% Exchange rate difference (e) 3,520 (9,202) (138.3%) 1,115 (15,153) n.a Total Changes in Fair Value (2,449) 25,851 (109.5%) (5,128) 26,665 n.a As shown in the table above, Changes in Fair Value of Unharvested Sugarcane (to be harvested during next 12- months) as of 2Q17 was a negative $7.3 million. This loss is explained by the decrease in the valuation of our sugarcane plantation as of June 30, 2017, compared to March 31, 2017, mainly as a result of lower projected sugar prices. In 2Q16, Changes in FV of Unharvested Sugarcane had been positively affected by the strong rally in sugar prices during the first semester of 2016. Changes in FV of Harvested Sugarcane or “agricultural produce” reached $4.8 million in 2Q17, marking a 8.1% increase compared to 2Q16. 15

Corporate Expenses Corporate Expenses $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Corporate Expenses (5,172) (4,558) 13.5% (10,330) (9,637) 7.2% Adecoagro’s corporate expenses include items that have not been allocated to a specific business segment, such as executive officers and headquarter staff, certain professional fees, travel expenses, and office lease expenses, among others. As shown in the table above, corporate expenses during the first half of the year reached $10.3 million, 7.2% higher compared to the same period of last year. This is mainly explained by the real appreciation of the Argentine peso and Brazilian Real. Other Operating Income Other Operating Income $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Gain / (Loss) from commodity derivative financial instruments 22,479 (32,989) n.a 38,753 (33,159) n.a (Loss) from forward contracts (124) (1,093) (88.7%) (117) (1,156) (89.9%) Gain from disposal of other property items (61) 47 (229.8%) (618) 181 n.a (Loss) from disposal of biological assets (6) 20 n.a (6) 20 n.a Other 578 (204) n.a (1,874) (47) (3,887.2%) Total 22,866 (34,219) n.a 36,138 (34,161) n.a Other Operating Income in 2Q17 reported a gain of $22.9 million, ($21.6 million sugar and $1.2 million soybean) compared to a loss of $34.2 million in 2Q16. The gain in the quarter is primarily explained by the mark-to-market of our commodity hedge position, which was positively affected by a 23% fall in sugar prices and 7.8% fall in corn prices during 2Q17. 16

Commodity Hedging Adecoagro’s financial performance is affected by the volatile price environment inherent to agricultural commodities. The company uses forward and derivative markets to mitigate swings in commodity prices by locking-in margins and stabilizing cash flows. The table below shows the average selling price of our hedged production volumes, including volumes that have already been invoiced and delivered, forward contracts with fixed-price and volumes hedged through derivative instruments. Commodity Hedge Position - as of June 30, 2017 Farming Consolidated Hedge Position Volume (1) Avg. FAS Price USD/Ton CBOT FOB USD/Bu 2016/2017 Harvest season Soybeans 120,653 238.0 925.3 Corn 192,667 182.5 471.3 2017/2018 Harvest season Soybeans - n.a. n.a. Corn 38,227 181.3 462.2 Sugar, Ethanol & Energy Consolidated Hedge Position Avg. FOB Price ICE FOB Volume (1) USD/Unit Cents/Lb 2017/2018 Harvest season Sugar (tons) 390,512 418.7 19.0 Ethanol (m3) 120,559 483.4 n.a Energy (MW/h) (2) 547,666 61.4 n.a 2018/2019 Harvest season Sugar (tons) 154,737 407.3 18.5 Ethanol (m3) n.a n.a n.a Energy (MW/h) (2) 383,650 71.1 n.a (1) Includes volumes delivered/invoiced, forward contracts and derivatives (futures and options). (2) Energy prices were converted at an exchange rato of BRL/USD of 3.30 17

Financial Results Financial Results $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Interest Expenses, net (8,946) (9,878) (9.4%) (20,777) (17,408) 19.4% Cash Flow Hedge - Transfer from Equity(1) (3,986) (18,619) (78.6%) (3,320) (23,594) (85.9%) FX Gain / (Loss), net (8,199) (2,415) 239.5% (11,883) (12,276) (3.2%) Gain / (Loss) from derivative financial Instruments (492) (7,961) (93.8%) (2,195) (6,806) (67.7%) Taxes (787) (718) 9.6% (1,304) (1,231) 5.9% Other Expenses, net (448) 1,311 n.a (709) (1,532) (53.7%) Total Financial Results (22,858) (38,280) (40.3%) (40,188) (62,847) (36.1%) Our net financial results in 2Q17 presented a loss of $22.9 million, compared to a loss of $38.3 million in 2Q16. The financial results loss is primarily composed of interest expense and foreign exchange losses, as described below: (i) Net interest expense in 2Q17 was $9.0 million, 9.4% below the previous quarter. This difference is mainly explained by a 7.9% reduction in net debt and an increase in interest income, resulting mainly from short term cash investments in Argentina. (ii) Foreign exchange losses (composed of “Cash Flow Hedge - Transfer from Equity”(1) and “Fx Gain/Loss” line items) reflect the impact of foreign exchange variations on our dollar denominated assets and liabilities. Foreign exchange losses stood at $12.2 million in 2Q17, $8.8 million lower compared to 2Q16. This is mainly explained by a 78.6% decrease in losses derived from Cash Flow Hedge, as a result of the appreciation of the Brazilian Real from 2Q16 through 2Q17, coupled with the fact that a substantial portion of our USD denominated debt at our Brazilian subsidiaries matured and was repaid during the last of quarter of 2016. This effect was partially offset by the depreciation of the Argentine peso throughout 2Q17 which resulted in a $8.2 million loss in the line item FX Gain/Loss, $5.8 million lower than 2Q16. (1) Effective July 1, 2014, Adecoagro formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars and foreign currency forward contracts. Cash flow hedge accounting permits that gains and losses arising from the effect of changes in foreign currency exchange rates on derivative and non-derivative hedging instruments not be immediately recognized in profit or loss, but be reclassified from equity to profit or loss in the same periods during which the future sales occur, thus allowing for a more appropriate presentation of the results for the period reflecting Adecoagro’s Risk Management Policy. 18

Indebtedness Net Debt Breakdown $ thousands 2Q17 1Q17 Chg % 2Q16 Chg % Farming 175,792 152,849 15.0% 120,893 45.4% Short term Debt 119,927 95,527 25.5% 107,164 11.9% Long term Debt 55,865 57,322 (2.5%) 13,729 306.9% Sugar, Ethanol & Energy 618,487 642,971 (3.8%) 670,165 (7.7%) Short term Debt 136,875 134,686 1.6% 189,690 (27.8%) Long term Debt 481,612 508,285 (5.2%) 480,475 0.2% Total Short term Debt 256,802 230,213 11.5% 296,854 (13.5%) Total Long term Debt 537,477 565,607 (5.0%) 494,204 8.8% Gross Debt 794,279 795,820 (0.2%) 791,058 0.4% Cash & Equivalents 219,934 231,321 (4.9%) 167,587 31.2% Net Debt 574,345 564,499 1.7% 623,471 (7.9%) EOP Net Debt / Adj. EBITDA LTM 1.82x 1.88x (3.4%) 2.57x (29.2%) Adecoagro’s consolidated gross debt as of 2Q17 remained essentially unchanged quarter-over-quarter and year-over-year. Net debt as of 2Q17 was $574.4 million, marking an 1.7% increase compared to 1Q17 and 7.9% lower with respect to 2Q16. The increase in net debt quarter-over-quarter was driven by a reduction in cash. Cash and equivalents as of June 30, 2017, was $219.9 million, 4.9% lower than 1Q17. This reduction is primarily explained by the acceleration of our buy-back program coupled with the depreciation of the BRL which reduced our cash holdings, measured in USD. As a result, our Net Debt ratio (Net Debt / LTM Adj. EBITDA) reached 1.82x, improving considerable on a year-to-year basis. The charts depicted below show our debt maturity profile on a consolidated basis, which currently stands 68% in the long term and 32% in the short term. Our debt currency breakdown stands 24% in Brazilian Reals and 76% in US dollars. 19

Capital Expenditures & Investments Capital Expenditures & Investments $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Farming & Land Transformation 3,666 2,696 36.0% 7,360 3,881 89.6% Expansion 2,221 1,142 94.4% 4,688 1,949 140.5% Maintenance 1,445 1,554 (7.0%) 2,672 1,932 38.3% Sugar, Ethanol & Energy 44,218 27,150 62.9% 99,061 55,879 77.3% Maintenance 35,194 17,286 103.6% 80,483 37,723 113.4% Planting 10,509 9,737 7.9% 23,168 16,460 40.8% Industrial & Agricultural Machinery 24,685 7,550 227.0% 57,315 21,264 169.5% Expansion 9,024 9,863 (8.5%) 18,578 18,156 2.3% Planting 8,052 6,910 16.5% 13,660 11,413 19.7% Industrial & Agricultural Machinery 972 2,954 (67.1%) 4,918 6,743 (27.1%) Total 47,884 29,846 60.4% 106,421 59,760 78.1% Adecoagro’s capital expenditures during 2Q17 totaled $47.9 million, 60.4% higher than 2Q16. In the Sugar, Ethanol and Energy business, capex deployed in 2Q17 totaled $44.2 million, $17.1 million or 62.9% higher year-over-year. This increase is mainly explained by the renewal of our fleet of tractors and harvesters, which resulted in a 103.6% increase in maintenance capex. This investment will allow us to enhance productivity and agricultural margins. In the case of expansion capex, we concluded the expansion of Angelica´s mill nominal crushing capacity by 17% to 5.7 million tons per year (from 900 tons per hour to 1,050 tons per hour). In the Farming & Land Transformation businesses, total capital expenditures during 2Q17 increased by $1.0 million to $3.7 million, mainly related to: (i) the construction of a bio-digester in our Dairy business to cogenerate electricity from cow manure; and (ii) to land transformation projects to expand our rice planted area. Inventories End of Period Inventories Product Volume Metric 2Q17 2Q16 % Chg thousand $ 2Q17 2Q16 % Chg Soybean tons 154,361 112,790 36.9% 36,511 29,555 23.5% Corn (1) tons 82,582 36,002 129.4% 9,675 5,925 63.3% Wheat (2) tons 20,651 41,197 (49.9%) 2,591 5,429 (52.3%) Sunflower tons 7,928 - n.a 2,897 - n.a Cotton lint tons 154 256 - % 244 217 - % Rough Rice(3) tons 34,493 156,602 (78.0%) 6,698 29,915 (77.6%) Sugar tons 42,498 57,282 (25.8%) 12,972 14,363 (9.7%) Ethanol m3 40,113 61,228 (34.5%) 18,317 27,646 (33.7%) Others 13,075 3,130 6,094 1,606 Total 395,856 468,487 95,931 114,589 (16.3%) (1) Includes sorghum. (2) Includes barley. (3) Expressed in rough rice equivalent 20

Variations in inventory levels between 2Q17 and 2Q16 are attributable to changes in (i) production volumes resulting from changes in planted area, (ii) in production mix between different crops and in yields obtained, (ii) different percentage of area harvested during the period, and (iii) commercial strategy or sales for each product. Forward-looking Statements 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) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which we operate, environmental laws and regulations; (iv) the implementation of our business strategy, including our development of the Ivinhema mill and other current projects; (v) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of our financing strategy and capital expenditure plan; (vii) the maintenance of our relationships with customers; (viii) the competitive nature of the industries in which we operate; (ix) the cost and availability of financing; (x) future demand for the commodities we produce; (xi) international prices for commodities; (xii) the condition of our land holdings; (xiii) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xiv) the performance of the South American and world economies; and (xv) the relative value of the Brazilian Reais, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included in the registrant’s other filings and submissions with the United States Securities and Exchange Commission. 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. 21

Reconciliation of Non-IFRS measures To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measures in this press release: ” Adjusted EBITDA ” Adjusted EBIT ” Adjusted EBITDA margin ” Net Debt ” Net Debt to Adjusted EBITDA In this section, we provide an explanation and a reconciliation of each of our non-IFRS financial measures to their most directly comparable IFRS measures. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. We use non-IFRS measures to internally evaluate and analyze financial results. We believe these non-IFRS financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies, many of which present similar non-IFRS financial measures. There are limitations associated with the use of non-IFRS financial measures as an analytical tool. In particular, many of the adjustments to our IFRS financial measures reflect the exclusion of items, such as depreciation and amortization, changes in fair value and the related income tax effects of the aforementioned exclusions, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes. Adjusted EBITDA, Adjusted EBIT & Adjusted EBITDA margin We define Adjusted EBITDA for each of our operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before depreciation and amortization and adjusted by profit or loss from discontinued operations and by gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland which are reflected in our Shareholders Equity under the line item “Reserve from the sale of minority interests in subsidiaries.” We define Adjusted EBIT for each of our operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, adjusted by profit from discontinued operations and by gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland which are reflected in our Shareholders Equity under “Reserve from the sale of minority interests in subsidiaries.” We believe that Adjusted EBITDA and Adjusted EBIT are for the Company and each operating segment, respectively important measures of operating performance because they allow investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our 22

segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), tax consequences (income taxes), foreign exchange gains or losses and other financial expenses. In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can evaluate the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted EBITDA and Adjusted EBIT differently, and therefore Adjusted EBITDA and Adjusted EBIT may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and Adjusted EBIT are not measure of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, profit from operations before financing and taxation and other measures determined in accordance with IFRS. We define Adjusted EBITDA margin as Adjusted EBITDA to net sales. We consider that the presentation of adjusted EBITDA margin provides useful information on how successfully we operate our Company and enhances the ability of investors to compare profitability between segments, periods and with other public companies. Reconciliation of both Adjusted EBITDA and Adusted EBIT starts on page 24. Net Debt & Net Debt to Adjusted EBITDA Net debt is defined as the sum of long- and short-term debt less cash and cash equivalents. This measure is widely used by management and investment analysts and we believe it shows the financial strength of the Company Management is consistently tracking our leverage position and our ability to repay and service our debt obligations over time. We have therefore set a leverage ratio target that is measured by net debt divided by Adjusted EBITDA. We believe that this metric provides useful information to investors because management uses it to manage our debt-equity ratio in order to promote access to debt financing instruments in the capital markets and our ability to meet scheduled debt service obligations. Reconciliation - Net Debt $ thousands 2Q17 1Q16 Chg % 2Q16 Chg % Net Debt 574,356 564,509 1.7% 623,468 (7.9%) Ca s h a nd ca s h equi va l ents 219,934 231,321 (4.9%) 167,587 31.2% Total Borrowings 794,290 795,830 (0.2%) 791,055 0.4% 23

Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 2Q17 $ thousands Crops Rice Dairy Others Farming Sugar, Ethanol & Energy Land Transformatio n Corporate Total Sales of goods and services rendered 59,700 24,018 8,510 267 92,495 136,035 - - 228,530 Cost of goods sold and services rendered (59,556) (20,266) (8,503) (119) (88,444) (107,503) - - (195,947) Initial recog. and changes in FV of BA and agricultural produce 5,446 (226) 2,587 (21) 7,786 (2,449) - - 5,337 Gain from changes in NRV of agricultural produce after harvest 3,420 - - - 3,420 - - - 3,420 Margin on Manufacturing and Agricultural Act. Before Opex 9,010 3,526 2,594 127 15,257 26,083 - - 41,340 General and administrative expenses (728) (1,154) (257) (45) (2,184) (7,119) - (5,181) (14,484) Selling expenses (1,914) (3,316) (229) (49) (5,508) (15,544) - (11) (21,063) Other operating income, net 1,179 463 172 - 1,814 21,032 - 20 22,866 Share of gain/(loss) of joint ventures - - - - - - - - - Profit from Operations Before Financing and Taxation 7,547 (481) 2,280 33 9,379 24,452 - (5,172) 28,659 Reserve from the sale of minority interests in subsidiaries - - - - - - - - - Adjusted EBIT 7,547 (481) 2,280 33 9,379 24,452 - (5,172) 28,659 (-) Depreciation and Amortization 357 964 256 30 1,607 36,910 - - 38,517 Adjusted EBITDA 7,904 483 2,536 63 10,986 61,362 - (5,172) 67,176 Reconciliation to Profit/(Loss) Adjusted EBITDA 67,176 (+) Depreciation (38,517) (+) Financial result, net (22,858) (+) Income Tax (Charge)/Benefit (2,000) Profit/(Loss) for the Period 3,801 Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 2Q16 $ thousands Crops Rice Dairy Others Farming Sugar, Ethanol & Energy Land Transformatio n Corporate Total Sales of goods and services rendered 46,148 25,007 6,860 279 78,294 90,926 - - 169,220 Cost of goods sold and services rendered (46,204) (22,259) (6,842) (64) (75,369) (64,036) - - (139,405) Initial recog. and changes in FV of BA and agricultural produce 29,617 979 1,191 24 31,811 25,850 - - 57,661 Gain from changes in NRV of agricultural produce after harvest (3,028) - - - (3,028) - - - (3,028) Margin on Manufacturing and Agricultural Act. Before Opex 26,533 3,727 1,209 239 31,708 52,740 - - 84,448 General and administrative expenses (740) (807) (249) (83) (1,879) (4,875) - (4,552) (11,306) Selling expenses (1,647) (3,096) (240) (8) (4,991) (11,138) - - (16,129) Other operating income, net (21,118) (5) 85 - (21,038) (13,175) - (6) (34,219) Share of gain/(loss) of joint ventures - - - - - - - - - Profit from Operations Before Financing and Taxation 3,028 (181) 805 148 3,800 23,552 - (4,558) 22,794 Reserve from the sale of minority interests in subsidiaries - - - - - - - - - Adjusted EBIT 3,028 (181) 805 148 3,800 23,552 - (4,558) 22,794 (-) Depreciation and Amortization 353 618 247 57 1,275 27,088 - - 28,363 Adjusted EBITDA 3,381 437 1,052 205 5,075 50,640 - (4,558) 51,157 Reconciliation to Profit/(Loss) Adjusted EBITDA 51,157 (+) Depreciation (28,363) (+) Financial result, net (38,280) (+) Income Tax (Charge)/Benefit (2,265) Profit/(Loss) for the Period (17,750) 24

Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 6M17 $ thousands Crops Rice Dairy Others Farming Sugar, Ethanol & Energy Land Transformatio n Corporate Total Sales of goods and services rendered 84,896 43,278 19,322 438 147,934 246,687 - - 394,621 Cost of goods sold and services rendered (84,692) (37,702) (18,988) (175) (141,557) (193,752) - - (335,309) Initial recog. and changes in FV of BA and agricultural produce 17,343 5,796 4,528 163 27,830 (5,128) - - 22,702 Gain from changes in NRV of agricultural produce after harvest 3,193 - - - 3,193 - - - 3,193 Margin on Manufacturing and Agricultural Act. Before Opex 20,740 11,372 4,862 426 37,400 47,807 - - 85,207 General and administrative expenses (1,401) (2,279) (496) (88) (4,264) (13,984) - (10,253) (28,501) Selling expenses (2,946) (6,401) (468) (53) (9,868) (27,150) - (59) (37,077) Other operating income, net 3,339 637 422 (161) 4,237 31,919 - (18) 36,138 Share of gain/(loss) of joint ventures - - - - - - - - - Profit from Operations Before Financing and Taxation 19,732 3,329 4,320 124 27,505 38,592 - (10,330) 55,767 Reserve from the sale of minority interests in subsidiaries - - - - - - - - - Adjusted EBIT 19,732 3,329 4,320 124 27,505 38,592 - (10,330) 55,767 (-) Depreciation and Amortization 692 1,886 494 60 3,132 53,034 - - 56,166 Adjusted EBITDA 20,424 5,215 4,814 184 30,637 91,626 - (10,330) 111,933 Reconciliation to Profit/(Loss) Adjusted EBITDA 111,933 (+) Depreciation (56,166) (+) Financial result, net (40,188) (+) Income Tax (Charge)/Benefit (5,811) Profit/(Loss) for the Period 9,768 Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 6M16 $ thousands Crops Rice Dairy Others Farming Sugar, Ethanol & Energy Land Transformatio n Corporate Total Sales of goods and services rendered 68,097 45,556 12,029 545 126,227 164,477 - - 290,704 Cost of goods sold and services rendered (68,009) (40,673) (11,995) (96) (120,773) (117,655) - - (238,428) Initial recog. and changes in FV of BA and agricultural produce 45,657 9,458 1,625 90 56,830 26,664 - - 83,494 Gain from changes in NRV of agricultural produce after harvest (369) - - - (369) - - - (369) Margin on Manufacturing and Agricultural Act. Before Opex 45,376 14,341 1,659 539 61,915 73,486 - - 135,401 General and administrative expenses (1,315) (1,433) (505) (141) (3,394) (8,541) - (9,675) (21,610) Selling expenses (2,440) (5,260) (341) (19) (8,060) (19,080) - (25) (27,165) Other operating income, net (21,941) 193 116 1 (21,631) (12,593) - 63 (34,161) Share of gain/(loss) of joint ventures - - - - - - - - - Profit from Operations Before Financing and Taxation 19,680 7,841 929 380 28,830 33,272 - (9,637) 52,465 Reserve from the sale of minority interests in subsidiaries - - - - - - - - - Adjusted EBIT 19,680 7,841 929 380 28,830 33,272 - (9,637) 52,465 (-) Depreciation and Amortization 676 1,173 490 110 2,449 39,456 - - 41,905 Adjusted EBITDA 20,356 9,014 1,419 490 31,279 72,728 - (9,637) 94,370 Reconciliation to Profit/(Loss) Adjusted EBITDA 94,370 (+) Depreciation (41,905) (+) Financial result, net (62,847) (+) Income Tax (Charge)/Benefit (4,616) Profit/(Loss) for the Period (14,998) 25

Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statement of Income Statement of Income $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Sales of goods and services rendered 228,530 169,220 35.0% 394,621 290,704 35.7% Cost of goods sold and services rendered (195,947) (139,405) 40.6% (335,309) (238,428) 40.6% Initial recognition and chgs in fair value of biological assets and agric. produce 5,337 57,661 (90.7%) 22,702 83,494 (72.8%) Changes in net realizable value of agricultural produce after harvest 3,420 (3,028) n.a 3,193 (369) n.a Margin on Manufacturing and Agricultural Activities Before Operating Expenses 41,340 84,448 (51.0%) 85,207 135,401 (37.1%) General and administrative expenses (14,484) (11,306) 28.1% (28,501) (21,610) 31.9% Selling expenses (21,063) (16,129) 30.6% (37,077) (27,165) 36.5% Other operating income, net 22,866 (34,219) n.a 36,138 (34,161) n.a Profit from Operations Before Financing and Taxation 28,659 22,794 25.7% 55,767 52,465 6.3% Finance income 3,110 926 235.9% 5,222 5,071 3.0% Finance costs (25,968) (39,205) (33.8%) (45,410) (67,918) (33.1%) Financial results, net (22,858) (38,279) (40.3%) (40,188) (62,847) (36.1%) (Loss) / Profit Before Income Tax 5,801 (15,485) n.a 15,579 (10,382) n.a Income tax (Benefit) / Expense (2,000) (2,265) (11.7%) (5,811) (4,616) 25.9% (Loss) / Profit for the Year 3,801 (17,750) (121.4%) 9,768 (14,998) (165.1%) 26

Condensed Consolidated Interim Statement of Cash Flow Statement of Cash Flows $ thousands 2Q17 2Q16 Chg % 6M17 6M16 Chg % Cash flows from operating activities: Profit for the period 3,801 (17,750) (121.4%) 9,768 (14,998) n.a Adjustments for : Income tax benefit 2,000 2,265 (11.7%) 5,811 4,616 25.9% Depreciation 38,292 28,163 36.0% 55,750 41,592 34.0% Amortization 225 200 12.5% 416 313 32.9% Gain from of disposal of other property items 61 (47) n.a 618 (181) n.a Equity settled share-based compensation granted 1,378 1,350 2.1% 2,807 2,545 10.3% Loss/(Gain) from derivative financial instruments and forwards (21,987) 42,043 n.a (36,558) 41,121 n.a Interest and other expense, net 9,164 10,153 (9.7%) 21,188 18,940 11.9% Initial recognition and changes in fair value of non harvested biological assets (unrealized) 8,284 (29,418) (128.2%) 2,441 (49,592) n.a Changes in net realizable value of agricultural produce after harvest (unrealized) (790) 838 n.a (616) 1,542 n.a Provision and allowances 230 (1,674) (113.7%) 298 48 520.8% Foreign exchange gains, net 8,199 2,414 239.6% 11,883 12,276 (3.2%) Cash flow hedge - transfer from equity 3,986 18,619 (78.6%) 3,320 23,594 (0.86) Subtotal 52,843 57,156 (7.5%) 77,126 81,816 (5.7%) Changes in operating assets and liabilities: (Increase) / Decrease in trade and other receivables (8,191) (15,283) (46.4%) (29,055) (43,937) (33.9%) (Increase) / Decrease in inventories (32,000) (22,383) 43.0% (29,724) (37,455) (20.6%) (Increase) / Decrease in biological assets 23,055 (2,204) n.a 25,671 15,538 65.2% (Increase) / Decrease in other assets 41 (9) n.a 24 (60) (140.0%) (Increase) / Decrease in derivative financial instruments 31,944 (15,197) n.a 40,010 (19,623) n.a Increase/(Decrease) in trade and other payables (4,468) 2,074 n.a (32,990) 11,511 n.a (Decrease)/Increase in payroll and social security liabilities (2,282) (1,060) 115.3% 1,578 1,243 27.0% (Increase)/Decrease in provisions for other liabilities (199) 1,126 n.a (88) 1,640 (105.4%) Net cash generated in operating activities before interest and taxes paid 60,743 4,220 1,339.4% 52,552 10,673 392.4% Income tax paid (1,375) (845) 62.7% (1,653) (911) 81.4% Net cash generated from operating activities 59,368 3,375 1,659.1% 50,899 9,762 421.4% Cash flows from investing activities: Continuing operations: Purchases of property, plant and equipment (47,518) (30,112) 57.8% (106,053) (60,034) 76.7% Purchases of intangible assets (475) (140) 239.3% (576) (804) (28.4%) Purchase of cattle and non current biological assets planting cost (581) - n.a (581) - n.a Interest received 3,599 1,825 97.2% 5,021 4,621 8.7% Proceeds from sale of property, plant and equipment 576 601 (4.2%) 798 754 5.8% Proceeds from disposal of subsidiaries - - n.a - - n.a Loans to subsidiaries - - n.a - - n.a Net cash used in investing activities (44,399) (27,826) 59.6% (101,391) (55,463) 82.8% Cash flows from financing activities: Proceeds from equity settled share-based compensation exercised - 124 n.a - 276 n.a Proceeds from long-term borrowings 39,968 2,534 1,477.3% 189,769 42,701 344.4% Payments of long-term borrowings (58,157) (42,314) 37.4% (103,724) (69,514) 49.2% Net increase in short-term borrowings 24,481 13,582 80.2% 75,064 52,567 42.8% Interest paid (12,494) (11,739) 6.4% (22,540) (20,504) 9.9% Purchase of own shares (7,451) - n.a (8,681) - n.a Dividends paid to non-controlling interest (847) - n.a (1,506) - n.a Payment of derivatives financial instruments (6,715) (1,213) 453.6% (9,419) (1,213) 676.5% Net cash generated from financing activities (21,215) (39,026) (45.6%) 118,963 4,313 2,658.2% Net increase/(decrease) in cash and cash equivalents (6,246) (63,477) (90.2%) 68,471 (41,388) (265.4%) Cash and cash equivalents at beginning of period 231,321 223,688 3.4% 158,568 198,894 (20.3%) Effect of exchange rate changes on cash and cash equivalents (5,141) 7,376 n.a (7,105) 10,081 n.a Cash and cash equivalents at end of period 219,934 167,587 31.2% 219,934 167,587 31.2% 27

Condensed Consolidated Interim Balance Sheet Statement of Financial Position $ thousands June 30, 2017 December 31, 2016 Chg % ASSETS Non-Current Assets Property, pl ant and equi pment 837,360 802,608 4.3% Investment property 2,547 2,666 (4.5%) Intangi bl e assets 16,966 17,252 (1.7%) Bi ol ogi cal assets 8,951 8,516 5.1% Deferred i ncome tax assets 37,096 38,586 (3.9%) Trade and other recei vabl es 18,002 17,412 3.4% Other assets 555 566 (1.9%) Total Non-Current Assets 921,477 887,606 3.8% Current Assets Bi ol ogi cal assets 93,645 136,888 (31.6%) Inventori es 151,052 111,754 35.2% Trade and other recei vabl es 182,376 157,528 15.8% Deri vati ve fi nanci al i nstruments 3,015 3,398 (11.3%) Other assets 42 24 75.0% Cash and cash equi val ents 219,934 158,568 38.7% Total Current Assets 650,064 568,160 14.4% TOTAL ASSETS 1,571,541 1,455,766 8.0% SHAREHOLDERS EQUITY Capital and reserves attributable to equity holders of the parent Share capi tal 183,573 183,573 - % Share premi um 933,961 937,250 (0.4%) Cumul ati ve transl ati on adjustment (535,516) (527,364) 1.5% Equi ty-settl ed compensati on 15,142 17,218 (12.1%) Cash fl ow hedge (39,807) (37,299) 6.7% Treasury shares (2,368) (1,859) 27.4% Reserve from the sal e of mi nori ty i nterests i n subsi di ari es 41,574 41,574 - % Retai ned earni ngs 59,692 50,998 17.0% Equity attributable to equity holders of the parent 656,251 664,091 (1.2%) Non control l i ng i nterest 6,670 7,582 (12.0%) TOTAL SHAREHOLDERS EQUITY 662,921 671,673 (1.3%) LIABILITIES Non-Current Liabilities Trade and other payabl es 892 1,427 (37.5%) Borrowi ngs 537,484 430,304 24.9% Deferred i ncome tax l i abi l i ti es 14,491 14,689 (1.3%) Payrol l and soci al securi ty l i abi l i ti es 1,070 1,235 (13.4%) Deri vati ves fi nanci al i nstruments 1,439 662 117.4% Provi si ons for other l i abi l i ti es 3,175 3,299 (3.8%) Total Non-Current Liabilities 558,551 451,616 23.7% Current Liabilities Trade and other payabl es 61,774 92,158 (33.0%) Current i ncome tax l i abi l i ti es 2,461 1,387 77.4% Payrol l and soci al securi ty l i abi l i ti es 28,024 26,844 4.4% Borrowi ngs 256,795 205,092 25.2% Deri vati ve fi nanci al i nstruments 372 6,406 (94.2%) Provi si ons for other l i abi l i ti es 643 590 9.0% Total Current Liabilities 350,069 332,477 5.3% TOTAL LIABILITIES 908,620 784,093 15.9% TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 1,571,541 1,455,766 8.0% 28