3Q12 Results Conference Call

3Q12 Highlights

Sugarcane crushing increased by 20% year-over-year

Sustainability certifications drive ethanol exports at premium prices

Record-high EBITDA margin (60.6%) achieved

Ivinhema has commenced operational tests and is on track to start operations next harvest year

Farmland value creation - 5.6% increase in land valuation driven by land transformation

Positive outlook for 2012/13 crop: planting is on schedule. Good weather and attractive prices

expected to result in high margins per hectare

New sustainability label obtained for our soybean production allows us to capture price premiums

Sugar, Ethanol & Energy

Farming & Land Transformation

2

0-

30

60

90

120

150

180

210

240

270

300

April May June July August September

rain

fall

(mm

)

2011 2012 15 year average

0.3 0.20.5 0.5

0.8 0.7

1.3

0.8

1.31.7

2.62.41.7

1.0

1.8

2.1

3.43.1

2Q11 2Q12 3Q11 3Q12 9M11 9M12

Angelica

UMA

Sugarcane Crushing (Million tons)

Angelica Mill Rainfall Evolution

(40%)

(9%)

+20%

Sugar, Ethanol & Energy Business

Operational Performance

3

117.4

59.9

107.7

151.9

73.9114.3

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

3Q11

3Q12

Sugar, Ethanol and Energy Production 3Q (thousand units)

+29%

+23%

+6%

Sugar, Ethanol & Energy Business

Operational Performance

4

68.358.5

32.8

62.7

Sugar (tons) Ethanol (m3)

3Q11

3Q12

99.8

26.2

109.4

89.2

33.5

118.1

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

3Q11

3Q12

5

Total Sales (volumes in thousands)

Sugar, Ethanol & Energy Business

Operational Performance

Sugar, Ethanol and Energy Sales 3Q

7.5

29.318.7

4.226.2

33.5

3Q11 3Q12

Hydrous

Anhydrous

28.9%

71.1%

Domestic Market

Export Market

Ethanol Sales Volumes (thousand m3) 3Q12 Ethanol Sales: Domestic vs. Export

Total Inventories (volumes in thousands)

+108% (7%) (11%)

+28%

+8%

+28%

11.2 10.6

20.4 49.5

53.1 46.0

84.879.6

3Q11 3Q12

Sugar

Ethanol

Energy

42.9

46.4

3Q11 3Q12

6

Gross Sales ($ thousands)

3Q11 3Q12

Adjusted EBITDA & EBITDA Margin ($ thousands)

60%

61%

Adjusted EBITDA Margin

Sugar, Ethanol & Energy

Financial Performance

3Q12 Financial Performance

(6%)

+8%

9,061

17,380

9M11 9M12

65,308

82,262

12/31/2011 09/30/2012

7

Sugarcane Planted Area

(hectares)

Sugarcane Plantation

(hectares)

+92% +26%

Sugar, Ethanol & Energy

Operational Performance

Agricultural Operations

8

High Pressure Boiler

Ivinhema Construction Update

Bagasse Conveyor

Distillery

Ethanol Fermentation

Sugar, Ethanol & Energy

Ivinhema Construction

79

110 107 119 123

133

25 29 29 36

48

33

14 14

48 38

61 58

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

Owned area

Second crop area

Leased area

91 97242 200 189

158 119

204170 23671 70

6193

11399

95

92 172171

455415

619667

737

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

Coffee

Rice

Cotton

Sunflower

Wheat

Corn

Soybean

Farming Production Evolution (thousand tons)

+11%

Farming Planted Area Evolution (thousand hectares)

Farming Business

Operational Performance

9

Farming Business

Operational Performance

68,255

2012/13 Harvest Year

Planted Area as of September 30, 2012 (hectares)

10

68K hectares 156K hectares

Planted as of September 30, 2012

To be planted

28,398

13,383

6,050

20,425 Rice (ongoing)

Sunflower (ongoing)

Corn (ongoing)

Wheat (completed)

500

550

600

650

700

750

800

850

900

950

1,000

800

900

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

1,900

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

cts/

bu

she

l

Soybean nearby contract Corn nearby contract

5.9

9.2

3Q11 3Q12

Crops Segment Gross Profit ($ millions)

Farming Business

Financial Performance

11

6.2

(5.7)

3Q11 3Q12

10.2

1.6

3Q11 3Q12

Hedge results ($ millions)

Adjusted EBITDA ($ millions)

Commodity Prices

Crops Segment Performance 3Q12

Global recession

U.S. drought

45.3

4.32.7

7.0

59.3

24.8

(0.3) (1.0)4.4

27.8

Crops Rice Dairy Others Farming Consolidated

119.0

57.1

14.2 12.2

202.5

156.9

69.4

14.38.5

249.0

Crops Rice Dairy Others Farming Consolidated

12

Gross Sales 9M12 ($ millions)

Adjusted EBITDA 9M12 ($ millions)

Farming Business

Financial Performance

13

Adecoagro Consolidated

Financial & Operational Overview

Area & Production 2007 2008 2009 2010 2011 9M11 9M12

Farming Planted Area (hect.) 80,189 139,920 153,026 183,454 192,207 192,207 232,708

Sugarcane Planted Area (hect.) 22,378 32,616 49,470 53,799 65,308 9,061 17,380

Farming Production (tons) 330,253 453,392 414,962 618,834 666,327 666,327 737,236

Sugarcane Crushing (tons) 889,355 1,376,763 2,215,029 4,066,115 4,168,082 3,449,536 3,125,302

Sales ($ thousands) 2007 2008 2009 2010 2011 9M11 9M12

Farming & Land Transformation 118,081 193,038 216,016 197,741 270,766 202,521 249,014

Sugar, Ethanol & Energy 24,422 51,171 97,587 204,256 258,939 167,145 171,462

Total 142,503 244,209 313,603 401,997 529,705 369,666 420,476

Adjusted EBITDA ($ thousands) 2007 2008 2009 2010 2011 9M11 9M12

Farming & Land Transformation 58,767 58,594 51,662 65,735 67,444 59,294 35,919

Sugar, Ethanol & Energy (10,146) (6,979) (26,903) 51,735 109,507 86,886 55,221

Corporate (11,435) (23,077) (22,262) (22,353) (26,885) (20,213) (18,892)

Total 37,186 28,538 2,497 95,117 150,066 125,967 72,248

Adjusted EBITDA Margin

Farming & Land Transformation(1)

49.8% 30.4% 23.9% 33.2% 24.9% 29.3% 14.4%

Sugar, Ethanol & Energy(1)(2) -41.5% -13.6% -27.6% 25.3% 42.3% 52.0% 32.2%

Total 26.1% 11.7% 0.8% 23.7% 28.3% 34.1% 17.2%

(1) Before Corporate Expense allocation.

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

$899.1

$(18.2) $7.7

$49.4

$938.0

$313.4

C&W 2011 Appraisal Farm Sales Farm Purchases Land Transformation & Appreciation

C&W 2012 Appraisal Farmland Book Value

5.6%

14

Cushman & Wakefield Appraisal ($ millions)

Farmland Portfolio

Cushman & Wakefield Appraisal

292.4K ha 10.1K ha

285.7K ha

(1) La Alegria and San Jose farms were sold in November 2011 and June 2012 for a total of $13.7 million and $9.25 million, respectivley. In September 2011, the farms had been appraised by Cushman & Wakefield at $11.2 million and $7.0 million, respectively.

(2) Corresponds to the acquisition of La Cañada farm, in November 2011

3.4K ha

285.7K ha

348.1

223.4160.9

285.7

Debt Cash Net debt

S&E

Farming

15

Net Debt

3Q12 Debt Currency Structure

3Q12 Net debt ($ millions) 3Q12 Debt Term Structure

Total debt as of September 30, 2012,

stands at $509 million

$77 million of our cash balance were

deployed in CAPEX during the quarter

Net debt remains at $285.7 million

40%

60%

Short term

Long Term

54%

45%

1%

Brazilian Reals

US Dollars

Argentine Pesos

16

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

and our industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,”

“estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii)

the implementation of our business strategy, including our development of the Ivinhema project; (iii) our plans relating to acquisitions, joint ventures,

strategic alliances or divestitures; (iv) the implementation of our financing strategy and capital expenditure plan; (v) the maintenance of our

relationships with customers; (vi) the competitive nature of the industries in which we operate; (vii) the cost and availability of financing; (viii) future

demand for the commodities we produce; (ix) international prices for commodities; (x) the condition of our land holdings; (xi) the development of the

logistics and infrastructure for transportation of our productions in the countries where we operate; (xii) the performance of the South American and

world economies; (xiii) weather and other natural phenomena; (xiv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan

Peso compared to other currencies; and (xv) developments in, or changes to, the laws, regulations and governmental policies governing our business,

including environmental laws and regulations.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-

looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our

expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release

might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to,

inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on

these estimates and forward-looking statements.

The forward-looking statements made in this press release related only to events or information as of the date on which the statements are made in

this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the

statements are made or to reflect the occurrence of unanticipated events.

Disclaimer

17

Investor Relations

Charlie Boero Hughes

CFO

Hernan Walker

IR Manager

E-mail ir@adecoagro.com

Website www.adecoagro.com