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Sale and Lease Back of Santa Regina Farm

LUXEMBOURG, Jan. 3, 2013 /PRNewswire/ -- ADECOAGRO S.A. (NYSE:AGRO, Bloomberg: AGRO US, Reuters. AGRO.K), one of the leading agricultural companies in South America, announced today that on December 27, 2012, it completed the sale and lease back of 51% of the "Santa Regina" farm, located in General Villegas, province of Buenos Aires, Argentina.

Under the terms of the agreement, Adecoagro sold 51% of the outstanding shares of Santa Regina S.A., a company whose main asset is the Santa Regina farm, for a total consideration $13.0 million (equivalent to $7,058 per hectare and 11% above Cushman & Wakefield's independent appraisal dated September 2012), and has granted the buyer a call option to acquire on or before June 2014 the remaining 49% interest for $13.1 million (equivalent to $7,370 per hectare, 16% above Cushman & Wakefield's independent appraisal dated September 2012). Adecoagro will lease and operate the farm during the next two crop years as of May 2013.

Santa Regina is a 3,618 hectare farm which was purchased by Adecoagro in 2002 for a total of $2.3 million, or $625 per hectare. The farm has 3,200 hectares of croppable land which have been transformed and are currently used to produce corn, soybean and wheat. During the last ten years, Adecoagro has operated Santa Regina under a sustainable production model focused on no-till farming, crop rotation, balanced fertilization and other best practices, which have enhanced productivity and soil quality. Considering the purchase price, transformation capital expenditures, operating cash flows and exit price, this investment generated an internal rate of return of 34.2%. The book value of Santa Regina in our balance sheet was $3.1 million, therefore this transaction will result in approximately $19.8 million of operating profit recorded in the fourth quarter of 2012, with the following breakdown: (i) a $9.3 million gain corresponding to the sale of 51% stake of Santa Regina S.A., and (ii) a $10.5 million gain corresponding to the fair valuation of Adecoagro's remaining 49% interest in Santa Regina S.A. according to IFRS accounting rules.

Adecoagro believes that the consistent transformation, development, and sale of farms like Santa Regina evidences our ability to continue generating shareholder value through its land transformation activities and sustainable production model. During the last seven years, Adecoagro has been able to capitalize gains of over $132 million by strategically selling at least one of its fully mature farms per year. Monetizing a portion of its land transformation gains each year allows Adecoagro to redeploy its capital efficiently and continue expanding its operations by acquiring land with high transformation potential. The proceeds generated by the sale of San Regina will be reinvested in projects with higher risk-adjusted returns, which will allow the company to continue growing and enhancing shareholder value.

Investor Relations Department

Charlie Boero Hughes
CFO

Hernan Walker
IR Manager
Email: ir@adecoagro.com
Tel: +54 (11)4836-8651

About Adecoagro:

Adecoagro is a leading agricultural company in South America. Adecoagro owns over 283 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces over 1 million tons of agricultural products including corn, wheat, soybeans, rice, dairy products, sugar, ethanol and electricity among others.

SOURCE Adecoagro S.A.

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