1Q13 Results Conference Call

2

Lack of Rains Impacted Soybean Yields

Farming Business

Operational Performance

0

30

60

90

120

150

180

210

240

Oct Nov Dec Jan Feb Mar April

Mo

nth

ly R

ain

fall

(mm

)

2012/13

Historical Average

0

20

40

60

80

100

120

140

Oct Nov Dec Jan Feb Mar Apr

Mo

nth

ly R

ain

fall

(mm

)

2012/13

Historical Average

2012/13 Harvest Year: Humid Pampas 2012/13 Harvest Year: Northwest Argentina

Corn Soybean 2nd Crop Soybean

Sunflower Wheat Rice

1.9 1.9

% Harvested 2011/12 2012/13

1.5

1.2

% Harvested 2011/12 2012/13

2.6

1.8

% Harvested 2011/12 2012/13

3

Farming Business

Harvested Area & Yields

5.4 5.7

% Harvested 2011/12 2012/13

20.5%

2.5

2.8

% Harvested 2011/12 2012/13

48.1%

5.2

6.4

% Harvested 2011/12 2012/13

28.3%

100% 100%99.8%

12.0

0.8 0.2

(0.3)

12.714.7

4.6

0.2

(0.7)

18.8

Crops Rice Dairy Others Farming Consolidated

27.7 27.5

6.41.6

63.3

36.0

20.3

4.71.7

62.7

Crops Rice Dairy Others Farming Consolidated

4

Sales 1Q ($ mm)

Adjusted EBITDA 1Q ($ mm)

(23% )

+36%

+35% (6%)

+1%

+23%

Farming Business

Financial Performance

1Q13

1Q12

+447%

+8% (121%)

+48%

5

Land Transformation

Farm Sales

The farms have a total area of 3,834 hectares, 904 hectares planted with coffee trees.

In addition, Adecoagro entered into an agreement in which the same buyer will operate 728

hectares of coffee on the Rio de Janeiro farm for an eight year period.

Adecoagro will receive a total of $20.8 million in cash proceeds for the farm sales and $3.8

million for the Rio de Janeiro farm

The farms plus plantations were sold at a 7% premium to the combination of the Cushman

& Wakefield independent appraisal dated September 2012 and the fair value of the coffee

plantation.

The transaction will generate approximately $8.0 million of Adjusted EBITDA

Sale of Lagoa de Oeste and Mimoso Farms

6

(2%)

24%

Sugar, Ethanol and Energy Business

Operating Performance

Sugarcane Planting (hectares) Sugarcane Plantation Size (hectares)

6,470 6,371

1Q12 1Q13

71,005

87,971

03/31/2012 03/31/2013

7

Sugar, Ethanol and Energy Business

Financial Performance

1.2 0.3

28.0 29.5

11.4 9.9

40.6 39.7

1Q12 1Q13

Sugar

Ethanol

Energy

8.7

16.6

1Q12 1Q13

(5.6)

10.2

1Q12 1Q13

(4.7)

15.0

1Q12 1Q13

Gross Profit Manufacturing ($ mm)

Adjusted EBITDA ($ mm) Hedge Results ($ mm)

Net Sales ($ mm)

247K tons

of sugar

hedged

20.8

cents/lb

Area & Production 2010 2011 2012 1Q12 1Q13

Farming Planted Area (hect.) 183,454 192,207 232,547 232,547 218,757

Sugarcane Planted Area (hect.) 53,799 65,308 85,663 71,005 87,971

Farming Production (tons) 618,834 666,327 738,847 - -

Sugarcane Crushing (tons) 4,066,115 4,168,082 4,488,935 - -

Net Sales 2010 2011 2012 1Q12 1Q13

Farming & Land Transformation 197,741 270,766 322,368 62,678 63,270

Sugar, Ethanol & Energy 204,256 258,939 269,351 39,670 40,643

Total 401,997 529,705 591,719 102,348 103,913

Adjusted EBITDA 2010 2011 2012 1Q12 1Q13

Farming & Land Transformation 65,735 67,444 68,647 12,673 18,762

Sugar, Ethanol & Energy 51,735 109,507 97,505 (4,746) 14,867

Corporate (22,353) (26,885) (25,442) (6,113) (4,616)

Total 95,117 150,066 140,710 1,814 29,013

Adjusted EBITDA Margin

Farming & Land Transformation(1)

27.6% 19.9% 17.3% 15.3% 26.0%

Sugar, Ethanol & Energy(1)(2) 19.9% 37.1% 31.5% -19.7% 30.9%

Total 23.7% 28.3% 23.8% 1.8% 27.9%

8

Adecoagro Consolidated

Financial Performance

172

383

421

210

Debt Cash & Equivalents Net debt

S&E

Farming

9

Net Debt

1Q13 Debt Currency Structure

1Q13 Net debt ($ millions) 1Q13 Debt Term Structure

Total debt as of March 31, 2013, was

of $593 million

Debt Increased is driven by the

construction of the Ivinhema mill

Net debt as of March 31, 2012, was

of $383 million

34%

66%

Short term

Long Term

62%

32%

6%

Brazilian Reais

US Dollars

Argentine Pesos

10

Sugar, Ethanol and Energy Business

Ivinhema update

Ivinhema Construction: First Phase Completed

Boiler Ethanol Distillery

Sugar Storage Sugar Factory

11

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.

12

Investor Relations

Charlie Boero Hughes

CFO

Hernan Walker

IR Manager

E-mail ir@adecoagro.com

Website www.adecoagro.com