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CONFIDENTIAL

Welcome toGrupo Los Grobo

1

Food Inflation: The Growth Heptagon

ClimateOil

Environmental Restrictions

Biofuels

Urbanization/ Mega cities

Free Market

Consumption Habits Changes

Welfare Programs

Income Growth

Population Growth

Consumption

consumo per cápita

Fuente: USDANóvitas S.A.

Consumo de Carnes per Cápita en China

0

5

10

15

20

25

30

35

40

45

50

1975

1976

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1991

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2003

2004

2005

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2007

2008

2009

Kg.

/Hab

.

AVICOLAPORCINABOVINA

Pob

laci

ón (m

iles

de m

illone

s)P

obla

ción

(mile

s de

millo

nes)

Fuente: USDANóvitas S.A.

USO DE MAIZ PARA ETANOL EN EE.UU.

0

20

40

60

80

100

120

81 83 85 87 89 91 93 95 97 99 01 03 05 07 09

En m

illon

es d

e to

nela

das

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

%

USO DE MAIZ PARA ETANOL

% SOBRE EL USO TOTAL DE MAIZ

Tm (m

iles

de m

illon

es)

2

Food Inflation: The Solutions

Area

Yield

Infra Structure

Institutional Framework

Demand

• Innovation through Biotech and Operational Technology Improvements

• New generation of Fertilizers / The water challenge

• New Areas through environmental sustainable processes

• Improvement of Actual Areas

• In Land Logistics (Railways, Roadways, Warehouses)

• Ports and Ships

• Improvement of Local and Trading Institutional Framework

• High Quality Organizations

• Change in Consumption Habits

• Biofuels Efficiency

3

It is expected that 50% of agricultural growth takes place in MERCOSUR

2

4

5

2 4

2

6

13

35

50%of total growth

Forecasted production growth

Source: Based on OECD-FAO projections.

• Only 3% of the world land is suitable for agriculturewithout irrigation

• Growing urbanizationprocess in Emerging Countries

• Water shortage in different places in the world

• Desertification and land degradation

• MERCOSUR is the region with the highest growth potential to meet demand

4

100 years of agricultureCereals and oilseeds produccion in tons

0

10.000.000

20.000.000

30.000.000

40.000.000

50.000.000

60.000.000

70.000.000

80.000.000

90.000.000

100.000.000

1900

/01

1903

/04

1906

/07

1909

/10

1912

/13

1915

/16

1918

/19

1921

/22

1924

/25

1927

/28

1930

/31

1933

/34

1936

/37

1939

/40

1942

/43

1945

/46

1948

/49

1951

/52

1954

/55

1957

/58

1960

/61

1963

/64

1966

/67

1969

/70

1972

/73

1975

/76

1978

/79

1981

/82

1984

/85

1987

/88

1990

/91

1993

/94

1996

/97

1999

/00

2002

/03

2005

/06

5

0

2.000

4.000

6.000

8.000

10.000

1914

1917

1920

1923

1926

1929

1932

1935

1938

1941

1944

1947

1950

1953

1956

1959

1962

1965

1968

1971

1974

1977

1980

1983

1986

1989

1992

1995

1998

2001

2004

2007

Carne (miles de tn) Leche (millones de lt)

Milk and meat production. 1914-2008in millions of tons, and millons of litres

6

0

50

100

150

200

250

300

1990 2000 2010 2019

MERCOSUR is today the largest soybean producerMillions of tn.

World’s soybean production

• Brazil and Argentina are the main producers in the MERCOSUR

• US and Canada rate of growth decreases, as farmland is scarcing

• The rest of the world is not suitable for high yield agriculture

CAGR* Share of total production by 2019

50%

36%

14%

Source: Oilworld.* CAGR: Compound Average Growth Rate.

+6.2%

+4.2%

+2.4%

+8.1%

+3.0%

+2.8%

+3.6%

+0.6%

+2.1%

US + Canada

MERCOSUR

Rest of the world

7

Food Supply: The Big Change

World Soybean Complex Net Exports

14%

56%

Argentina

USA

23%Brazil

8%Others

31%

29%

Argentina

33%

Brazil

USA7%

Others

1983/84 - 87/88 2003/04 - 07/08

Total: 47 million tons Total:120 million tons

8

Technology: Growth in Adoption Speed

New Technology Adoption in Pampean Agriculture – 1980/2000

GMO

Pesticides

Direct seeding

Fertilizers

PrecisionAgriculture

Silo bags

Inoculants

Tech

nolo

gy a

dopt

ion

by fa

rmer

s (%

)

9

A highly scalable model allowed GLG to become one of the largestLatAm agribusiness players in less than a decade, establishing a solid track record of organic and M&A growth

RevenuesPlanted area

Regional Leader Internationalization New Growth Era

Thousands of ha., Millions of USD

Development of a strong origination network divided into three separate business units:- Origination- Input Retailing- Agricultural Production

First agribusiness company to obtain the ISO 9001 certification

Knowledge exchange program with the Texas A&M University and Universidad de Buenos, first Los Grobo Case published

Expansion to Uruguay with creation of Agronegocios del Plata Launching of Los Grobo SGR* leverages the network’s financing potential

Expands to Paraguayby founding Tierra Roja

Los Grobo Group becomes a Harvard Business School Case Study

Transaction with Vinci Partners opens the door to Brazil

Rapid growth in Brazil- Partnership with Ceagro- Acquisition of Selecta (Brazil) - Sponsorship of Sollus Capital

Acquisition of UPJ (Argentina)

240

691

246

116

172

154

267

173

557

104

138

Los Grobo Agropecuaria S.A. is founded by Adolfo Grobocopatel

773

1,058

263

280

1,305

Mutual guarantee society.*

2004200320001990’s1984 2009 20102006 2007 20082005 2011 2012E

Today GLG is one of the largest grain producers and

service providers in Latin America

10

Grupo Los Grobo is present throughout the agribusiness value chain

Production Services Processing

• Development of geographically diversified portfolio of farms

• Applying modern techniquesto crops production…

• …focusing on:- Maximizing yields in the

selected fields while…- …reducing yield volatility…- … generating better risk

adjusted returns

• Adding value to our grain origination network by integrating downstream activities:- Wheat milling on a regional scale…- …combined with a state-of-the-art

dried pasta plant- Soybean deactivation facilities in

Brazil

• Supply of agricultural inputs to local farmers…

• …as well as financial services such as: - Grain commercialization- Hedging

• Supply of warehousing and logistic services

• Leveraging its potential through GLG network

11

Grupo Los Grobo property framework2010

Shareholders Structure

Vinci PartnersGrobocopatel family

A brief description

Grobocopatel family• More than 90 years of agribusiness experience• In 1984 Adolfo founded Los Grobo Agropecuaria composed by 4

employees and 3k ha and became a Professional company at the first half of the 90’s decade, managing today more than 1K employees

• Under Gustavo´s management, Los Grobo was the first agro company in the world to obtain the ISO 9001, becoming also a Harvard Business Case, farming in more than 260K ha

Vinci Partners• One of the most successful history in private equity in Brazil• Started as an investment vehicle of Banco Pactual´s former partners

- Pactual was the largest investment bank in Brazil and one of the largest Asset Managers…

- …sold to UBS for US$ 3.1Bn in 2006• Vinci is Partners is one of the main shareholder of:

- PDG Realty, the largest real estate company in Brazil by market cap- Equatorial Energia, a leading Brazilian energy company- Ethanol business in Brazil through CMAA - The retail /fashion business through InBrands

Local partners• Paulo Fachim, partner in Brazil, founded Ceagro in 1994, and has more

than 20 years of experience in the Brazilian agricultural market• Marcos Guigou, partner in Uruguay, founded ADP in 2004, and has over 16

years of experience in agribusiness

22%78%

100% 100% 100% 65% 100% 100%

59,5%

12

Grupo Los Grobo: One of the largest agribusiness producers and services provider in South America

Regional Presence

2011/12, Thousands of ha., Millions of tn.

Own Planted Area

CAGR*

Brazil:

Production Area: 56k haInput Sales: US$ 122 mmGrain Origination: 680K tnCrushing: 540 tn/day

Argentina:

Production Area: 115k haInput Sales: US$ 72 mmGrain Origination: 1,810k tnCrushing: 735 tn/day

Uruguay:

Production Area: 92k haInput Sales: US$ 35 mmGrain Origination: 400k tn

Paraguay:

Production Area: 16k haGrain Origination: 50k ton

Total:

Production Area: 280k haInput Sales: US$ 229 mmGrain Origination: 2,9 mm tnCrushing: 1,275 tn/day

Grain origination

* CAGR: Compound Average Growth Rate.

73%

27%

2006/07

1,5

2009/10

72%

2,0

28%

2,7

76%

24%

67%

33%

2004/05

0,7

65%35%

22%

2007/08 2008/09

78%

1,9

2005/06

26%

74%

1,10,9

27% Own

73%

2011/12E

2,9

2010/11

Clients

19%

121

28%

2007/08

18%

25%

48%

14%

51%

7%

2005/06

9%

2006/07

178141

50%

Wheat

CornOthers

Soybean

5%12%

22%

263

52%

7%

2010/11

67%

16%

66%

21%6%7%

2009/10

24715%

2011/12E

2807%

2008/09

245

59%

18%

12%

49%

28%29%10%

2004/05

15%7%

105

Areas where GLG has an active presence

UruguayArgentina

Brazil

Paraguay

MAPITO

GOMG

BA

Brazil

MT

13

GLG in numbers: fast growth leveraged on acquisitions Acquisitions

Revenues

Millions of USD

Note: Revenues and EBITDA 08/09 in accordance to IRFS as of 30/04/09; Revenues and EBITDA 09/10 in accordance to IRFS as of 30/04/10.

CAGR*

* CAGR: Compound Average Growth Rate.

26%

19%1%7%

2007/08

557.3

48%

21%

19%2%11%

2006/07

267.1

67%15%2%16%

171.5

69%17% 2%

12%

2004/05

138.1

79%

2005/06

1%9%

2009/10

664.6

17% 4%

2003/04

96.7

75% 21%4%

2011/12E

TRIndustrial

LGA

UPJ

2010/11

1,058.5

31%

Ceagro

ADP

27%

35%

16%+38%

6%

39%

17%2%

9%

2008/09

8%

772.8

41%

6%

10%1%

14%

31%

8%

35%

1,305.3

14

Grain production is on the rise, expanding to new geographies

19%

33%

6%

2009/10

246.9

36%

1%20%

37%

6%

2008/09

244.6

49%

1%13%

30%

7%

2007/08

178.0

68%

22%9%

2006/07

141.3

80%

20%

2005/06

120.7

81%

19%

+15%

LGA

UPJ

Ceagro

ADP

TR

2010/11

262.8

40%

2%

6%

33%

2011/12E

1%20%

3%

38%

279.7

Thousands of ha., % CAGR*

* CAGR: Compound Average Growth Rate.

• GLG has focused it expansion in new geographies…• … and improvement of the revenues mix in each country…• … leveraging on experience exchange between managers and companies

GLG managed production (ha.)

15

GLG focus on service provision, leveraged on its own production, will grow as local commercial links matureMillions of tn., Millions of USD

15%

2008/09

142.3

37%

7%

35%

21%

2007/08

119.9

39%

36%

17%+42%

206.9

UPJ

LGA

ADP

Ceagro

22%

2010/11

54%

7%

28%

2005/06

28.3

75%

25%

2006/07

25%

36.7

72%

2009/10

158.1

18%6%

61%

2011/12E

16%

53%

7%

25%

228.7

Note: Revenues and EBITDA 08/09 in accordance to IRFS as of 30/04/09; Revenues and EBITDA 09/10 in accordance to IRFS as of 30/04/10.

CAGR*

* CAGR: Compound Average Growth Rate.

• While Argentina is intensive on grain trading…• …Brazil is focused on agricutltural inputs distribution

Grain traded Agricultural inputs distribution

50%

ADPTR

2010/11

+18%

LGA

UPJ

Ceagro

0%0%

0%0%

0% 12%

22%

14%

1%

2009/10

2.4

49%

9%

20%

21%

1%

2008/09

1.9

52%

8%

19%

20%1%

2007/08

1.9

74%

11%

13%2%

2006/07

1.5

87%

13%

2005/06

1.1

89%

11%

2.7

0%0%

2%

14%

23%

11%

51%

2.9

2011/12E

16

Leveraging the company’s through a vast regional network of storage capacity2011, Thousand of tn.

156.0

38%

62%

339.673%

9.5

27%

481.011%

986.175% 25%

89%

OwnRented

Total storage capacity per country

Total storage capacity

• GLG relies on asset light strategies when possible…

• …renting 39% of storage capacity

• Brazil has rapidly become the company’s main storage capacity country (54%)

More than 50 storing facilities

spread over 4 countries

17

…where export logistics are key

Uruguay

ArgentinaChile

Brazil

Venezuela

Peru

Bolivia

Paraguay

MAPI

TO

MTGO

MS

PR

MG

Colombia

BA

Ponta da Madeira/MA, BR

Ponta da Madeira port:Loading Rate: 2 k mt/h.Draft: 15 mExpectable Line up: no line up (only by rain).Access: Only railway.

Paranaguá/PR, BR Paranaguá port:Loading Rate: 3 k mt/h.Draft: 12 mExpectable Line up: 15 days (plus rain).Storage Capacity: 65 k mtAccess: mainly truck. 1 railway

Santos/SP, BR Santos port:Loading Rate: 2 k mt/h.Draft: 13 mExpectable Line up: 15 days (plus rain).Access: truck and 3 railways

Lima (up river)Loading Rate: 1,5 k mt/h.Draft: 9 mExpectable Line up: 2 daysAccess: truck.

Nueva Palmira, UYNueva Palmira port (up river)Loading Rate: 1,5 k mt/h.Draft: 9 mExpectable Line up: 7 daysAccess: truck. 1 railway

Necochea, ARNecocheaLoading Rate: 1,5 k mt/h.Draft: 12 mExpectable Line up: 15 days (plus rain)Access: truck. 1 railway

Bahia BlancaLoading Rate: 1,5 k mt/h.Draft: 13 mExpectable Line up: 15 days (plus rain)Storage Capacity: 100 k mtAccess: truck. 1 railway

Bahia Blanca, AR

18

GLG collects awards, attesting our track record by external evaluations

InstitutionAwardedYearAwards

Top 34 agribusiness company in Brazil 2010 Ceagro Exame Magazine

Best "Corporate Citizenship" in “large company category” for sustainable management 2009 Los Grobo Agropecuaria The American Chamber of Commerce in Argentina (AMCHAM)

Top 50 Companies to work for in Argentina and Top 20 in Uruguay 2009 Los Grobo Agropecuaria and Agronegocios del Plata Great Place To Work (ARG)

Top 150 place to work and made into 500 best companies charts 2009 Ceagro Revista Exame

Readers Choice Award: "Best Sustainability Report" 2008 Fundación Emprendimientos Rurales Los Grobo Global Reporting Initiative (GRI)

Award to Excelence 2008 Los Grobo Agropecuaria América Economía Magazine

Enviromentally responsible company of the year 2008 Los Grobo Agropecuaria Institute for Enviromental Research at UCES (ARG)

Creative award “Diente 2007” 2007 Los Grobo Agropecuaria Círculo de Creativos Argentinos (Publicist Organization)

1st Place in CSR survey organized by the magazine “Valor Sostenible" 2007 Los Grobo Agropecuaria Valor Sostenible Magazine (ARG)

19

Committed and experienced management team, fully aligned through a long term SOP program

Years

AgribusinessCompany Executive Position Experience

Gustavo Grobocopatel Chairman

• Founder and leader of GLG• More than 25 years of experience in the industry, has been awarded a Honor

Mention at the Argentine Senate and a recognized as the agribusiness entrepeneur of the decade with the Konex Platinum Award

• Graduated as an Agronomy Engineer at Universidad de Buenos Aires

Horacio Busanello

Chief Executive

Officer

• Joined GLG in 2011 as Regional COO and LGA CEO• Have worked all his life in top agribusiness companies such as Monsanto, Seneca

and Syngenta at top management positions• CPA with postgraduate courses at INSEAD and Harvard

Antonio Neto

Chief Financial Officer

• In 2008 Mr. Oliva Neto Joined Vinci Partners team and been appointed to be CFO at Los Grobo Brazil, becoming CFO at the group recently

• Mr. Oliva has 13 years career with corporate finance, working in financial institutions • Major in economics by Pontificia Universidade Católica de Rio de Janeiro (PUC-RJ)

and holds an MBA in Corporate Finance by IBMEC

GerardoBurriel

CEO LGA Argentine Division

• Mr. Burriel has been a key commercial manager for the company since it’s professionalization process began in the early 90’s, becoming CEO in 2011

• He holds several postgraduate courses in agribusiness and management by both the Universidad de Buenos Aires and Universidad de San Andrés

Paulo Fachin

CEO Ceagro

Brazilian Division

• Founded Ceagro in 1994• Strong entrepreneurship capacity, named Entrepeneur of the Year by the City of

Balsas Chamber of Commerce and Industry• Over 20 years in agricultural production

Marcos Guigou

CEO ADPUruguayan Division

• Founded ADP in 2004• Second largest soybean producer in Uruguay• Several years of experience in agricultural production, being awarded one of top 100

most influential people in Uruguay

Elena Morena

DirectorIndustrial Division

• Joined GLG in 2005, having worked for 8 year at Pioneer, the international seed company

• Graduated as a Business Administrator at Universidad de Buenos Aires

25 25

3 3

17 17

2 20

5 16

8 16

1 25

20

GLG capital is fully invested in farming and services development leading to superior returns

• Quality management model• Intensive technology use• State-of-the-art planting

techniques• Continuous innovation

• Partnerships with local agribusiness leaders

• Local management• Decentralized micro decision taking• Deep insights on clients

• Asset light (100% leased land and machinery)

• Focus on services and production• Active interaction with local producers• Creation of ecosystem in the region

Network model

Local knowledge

Risk management

Quality / Innovation

Geographic diversification

Integration

• Strict policies designed at board level

• Price and foreign exchange hedging

• Climate risk control• Credit limits

• State of the Art land operator• Relevant additional revenues

through services• Leverage the company’s

market knowledge

• Second largest player in LatAm,with planted area of 273k ha

• Operations in 4 countries diversifying crops risks

21

Season

Production philosophy

Type of crops

2009/2010

27% 31% 28% 31% 21%

12% 13% 13% 17% 20%

7%9%7%8%10%

51%

2005/06

48%

2006/07

52%

2007/08

44%

2008/09

52%

2009/10E

OthersCornWheat

Soybean

• GLG geographical diversification and…• …positioning in different weather areas…• …are key to take advantage of year round

seasons…• …allowing two harvests per year

59% Summer

41%Winter

0%

5%

10%

15%

20%

25%

30%

35%

0% 5% 10% 15% 20% 25% 30%

RS

GO

MS

MAPR

GOMT

MAPR

10Y

Yiel

d Vo

latil

ity

Gross Margin

Integration

• GLG specializes in non perennial crops, meaning…

• ...crops with a 100 to 180 days that after harvesting requires re-seeding…

• … increasing flexibility of crops…• …with a large portion being soybean,

wheat and corn

• GLG follows a strict risk-reward philosophy…

• …analyzing locations not only on a profit basis, but adjusting it for actual risks…

• …which combined with our scale and diversification allows GLG to choose the best risk-reward sites for production

GLG specializes in non-perennial crops, active year round following a strict risk-reward philosophy

22

GLG has a one-stop-shop service concept that generates cash inflows all year round Integration

Wide portfolio of services offered…

…available all year round

J F M A M J J A S O N D J F M A M J J A S O N D J

Summer I Growing Harvest Commercialization

Winter I Inputs buying Planting Growing Harvest Commercialization

Summer II Inputs buying Planting Growing Harvest Commercialization

Crop season planning

Technical decisions Inputs combo Planting Harvest Grain sale

• Los Grobo provides technical expertise and other consulting servicesto other agricultural producers

• Over 120 Specialists on Field

• Research and seed tests

• Over 10 fields dedicated to research

• Los Grobo’s trading desk and hedging services leverage the company’s market knowledge

• Comprehensive logistic network, providing transportation and storage solutions

• Sale of own and third party productionsecuring improved scale

• Input acquisition for Los Grobo and all partners resulting in economies of scale and appropriate soil treatment…

• …providing also financing to farmers

• Constant crop monitoring and advising to farmers

23

GLG is present in three different climate regions, which combined with crop diversification, reduces yield risks

Based on company research of soybean yields

Brazil

MAPI

TO

MTGO

MG

BA

Argentina

Paraguay

Uruguay

Brazil

Tropical dry or savanna climateHumid subtropical climateMaritime Temperate climate

Regional presence allows… …reduces risks…lower climate correlation which…

Argentina Uruguay Paraguay Brazil

Argentina

Uruguay0.44

Paraguay-0.10 0.26

Brazil-0.04 0.12 0.19

• Low yield correlation between the countries Los Grobo…

• …has presence brings a portfolioeffect both to Own Productionand also to Services Business

• Diversification through different production cycles, as shown in the previous chart, generates a cash flow stream for the company less risky and seasonal

Geographical diversification

Areas where GLG has an active presence

24

Different cost structures between countries improves GLG exposure to different assets Geographical

diversification

7% 10% 11% 9%

15% 9% 10% 12%

22%

5%17% 16%

19%45%

32% 28%

6%11% 5% 9%

22%10% 14% 15%

9% 10% 11% 11%

Grain

Grain

Grain

US$

US$

Local currency

Local currency

Brazil Argentina Uruguay Paraguay

Land Lease

Harvest

Seeds

Chemicals

Fertilizer

G&A

Labor/machinery

Inputs

1,237 794 895 705Cost US$/ha=

• There are significant cost/ha differences throughout countries

• Land lease cost, ranging from 19% in Brazil to 45% in Argentina for soybean production, while…

• …Inputs range from 24% in Argentina, being larger in Uruguay and...

• …particularly higher in Brazil where inputs stand for 44% of total cost production

Soybeans Main exposureCost item

USD/ha.

25

GLG applies state-of-the-art technology to produce grains in both, the field and the office… Quality /

Innovation

• Crop rotation ensures higher productivity in the long run• Appropriate fertilizer utilization• Environmentally conscious crop disease control• No-tillage seeding approach

- Optimization of water use efficiency- Improved fertility of soil chemistry and physics- Increased soil biological activity- Protection from exogenous factors (erosion by wind

and water)• Precision Agriculture

- Measures soil characteristics within a 5Ha grid...- …combined with high technology machinery, allows

for optimal fertilizer application

Superior field technology

• 1st Agribuisness company ISO-certified in the world• In-house developed GroboSoft System, allows

management of production network with superb quality standards

• Process and Technology Support- Ceres modeling allows optimization of fertilization- RISK modeling for budgeting, simulating over 5,000

different scenarios through Monte Carlo - Agroecoindex generate KPIs that measure our

relationship with the environment

Process management and IT Support

Corn 1st CropSoybean

Wheat2nd Crop Soybean

Crop rotation diagram Precision agriculture render

Volver al inicio Ayuda

Establecimiento Los Grobo Agrop Teléfono Localidad CONSOLIDADOPropietario LG Prod. Predominante Provincia Buenos Aires

Año de evaluación 2006 Período Evaluado Ecorregión Pampa Ondulada - Buenos Aires

Indicador 0 71.986 % Porcentaje de cultivos anualesIndicador 1 9483.636 Mj/ha/año Consumo de energía fósilIndicador 2 0.181 Mj EF/Mj prod. Eficiencia de uso de la energía fósilIndicador 3 -1.184 kg/ha/año Balance de NitrógenoIndicador 4 -2.084 kg/ha/año Balance de FósforoIndicador 5 0.000 mg/l Riesgo de contaminación por NIndicador 6 0.000 mg/l Riesgo de contaminación por PIndicador 7 1772.625 Indice relativo Riesgo de contaminación por plaguicidasIndicador 8 5.197 ton/ha/año Riesgo de erosión hídrica y eólicaIndicador 9 0.016 Indice relativo Riesgo de intervención de hábitat

Indicador 10 0.007 ton/ha/año Cambio del stock de carbonoIndicador 11 105.675 ton/ha/año Balance de gases invernadero

Hoja 1 de 2 Panel de Resultados

RESULTADOS02395-459022AGRICOLA2005-2006

Desagregación por Actividades / Potreros

GroboSoft order input screen Ceres modeling wheat fertilization curve

Agroecoindex KPI sheetRisk forecasting result slip

26

…and a 21st Century corporate governance model Quality / Innovation

• General framework…

• …addressing the Millenium Goals of United Nations

United Nations Global

Commitment

Ethics codeArea policies

Coexistence manualEthics committee

Risk map

Resguarda system

Global Reporting

Initiative (GRI)

Board of Directors and External

Auditing

• Corporate governance framework…

• …guaranteeing transparencyof the decisions of the Board of Directors and…

• …preventing frauds

• Management’s internal framework…

• …prevents risks within the organization, under the guidelines of an international standard by Global Compact

• Preemptive and control framework…

• …in line with the Río de Janeiro Declaration (1992) Precautionary Principle

• Communication channel…

• …which is a transparent, confidential and outsourcedclaim management entity open to all stakeholders

• Management and reporting tool…

• …based on a triple bottom line approach to compliment financial reports

Corporate governance

27

Local knowledge is a key asset to GLG business strategy and is carefully cherished and developed at all levels Local

Knowledge

Local management

Deep client knowledge

Local partners

• Operations are usually managed by local people that have deep insights of the area• Approximately 70% of employees are on the country side, having direct contact with the local business

ecosystem, were everyday decision taking is made locally…• …with the coordination of a corporate division…• …overviewed by a board of directors quarterly

• Business practices and culturesare different at micro local level…

• …and GLG thoughtfully studies client characteristics in more than 50 micro regions

• GLG observes variables such as:- Market size (farmers, ha.,

productivity, etc)- Farmer’s financial preferences

and input purchasing habits- Local competition

19%44%

19%

30%19% 20% 27% 24%3%

3%6%

3%

94%

Pamplona

45%

Sete Placas

81%

Campo Lindo

80%

Jatoba

26%

BR050

9%

49%

São Bartolomeu

Banks

Barter

Tradings

Own

Farmer’s financial preferences in Cristalina, Goiás

• GLG acquisition strategy relies in a thoughtful search for local agribusiness leaders…• …that stay after acquisition…• …fully aligned with GLG:

- Paulo Fachim owns 40,5% of Ceagro (Brazil)- Marcos Guigou owns 35% of ADP (Uruguay)

28

The network model generates operational and financial leverage

Wharehouse Los Grobo

Own Production: 5 – 6 k ha

Clients: 10 – 12 k ha

Railway

… and centralizes crop operations

For each hectare Los Grobo utilizes for own production……it intends to provide services for other 2 hectares in the region

Los Grobo operates several mid-size properties……positioning each property as the center of a large network of producers

Los Grobo leases 100% of its land and machinery……immobilizing less capital than the traditional producer

Typical Los Grobo Influence Area

Own Area: 1 / 3

Clients: 2 / 3

Capex NeedsLos Grobo vs. Traditional Producers Example of Los Grobo Network

Provides services for local producers… .... shares resources…

Clients

Leverages on Scale Asset Light Develops the Ecosystem

Network model

Contractor

Land Owner

Traditional Producers

Land

Machinery

InfrastructureInfrastructure

29

Risk management strategy is comprehensive, managing all types of risks at different levels Risk

management

• Weekly reporting to CFO at corporate level…

• …to ensure enforcement of Board policies

Strict policies for all risks are designed at Board level in order to take advantage of the unique broader view gained as a regional company

• Daily ALM hedging for both FX and Grains positions

• Cost Hedging policy on Own Production

• Clear exposures for grain and fertilizer positions on services business

• Physical Forward and Natural Hedging preference

• Margin Call risk limits

• In-house developed rating systems of clients

• Interest rate charged according to client rating

• Different approval instances for different credit amounts

• Concentration limit by clients and Micro-Regions

• Geographic diversification at MERCOSUR and country level

• Crop diversification among seasons (summer and winter crops)

• RISK modeling at micro region level

• Insurance coverage for negative tail risk scenarios

Crops and FX Credit Climate

30

Grupo Los Grobo is the preeminent vehicle in the Latin American Agribusiness Community

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Integration

Geographic Diversification

Quality / Innovation

Local knowledge

Network Model

Risk management

Organized and scalable growth platform with secure access to key grain production / origination