Exhibit 8.1

Subsidiaries of Adecoagro S.A.

Majority Owned Subsidiaries as of December 31, 2011:



|   |  |                                                    |  |                        
|-- |  | -------------------------------------------------- |  | -----------------------
|   |  | Name                                               |  | Place of Incorporation 
|1  |  | International Farmland Holdings LP                 |  | Delaware, United States
|2  |  | Adecoagro LP                                       |  | Delaware, United States
|3  |  | ONA Ltd.                                           |  | Malta                  
|4  |  | TOBA Ltd.                                          |  | Malta                  
|5  |  | Kadesh Hispania S.L.                               |  | Spain                  
|6  |  | Leterton España S.L.                               |  | Spain                  
|7  |  | Adeco Agropecuaria S.A.                            |  | Argentina              
|8  |  | Pilagá S.A.                                        |  | Argentina              
|9  |  | Cavok S.A.                                         |  | Argentina              
|10 |  | Establecimientos El Orden S.A.                     |  | Argentina              
|11 |  | Agro Invest S.A.                                   |  | Argentina              
|12 |  | Forsalta S.A.                                      |  | Argentina              
|13 |  | Agrícola Ganadera San José S.R.L.                  |  | Argentina              
|14 |  | Santa Regina Agropecuaria S.R.L.                   |  | Argentina              
|15 |  | Bañado del Salado S.A.                             |  | Argentina              
|16 |  | Dinaluca S.A.                                      |  | Argentina              
|17 |  | Compañía Agroforestal de Servicios y Mandatos S.A. |  | Argentina              
|18 |  | Simoneta S.A.                                      |  | Argentina              
|19 |  | Ladelux S.A.                                       |  | Uruguay                
|20 |  | Kelizer S.A.                                       |  | Uruguay                
|21 |  | Adecoagro Uruguay S.A.                             |  | Uruguay                
|22 |  | Adeco Brasil Participações S.A.                    |  | Brazil                 
|23 |  | Adeco Agropecuária Brasil S.A.                     |  | Brazil                 
|24 |  | Usina Monte Alegre Ltda.                           |  | Brazil                 
|25 |  | Angélica Agroenergia Ltda.                         |  | Brazil                 
|26 |  | Fazenda Mimoso Ltda.                               |  | Brazil                 
|27 |  | Ivinhema Agroenergia S.A.                          |  | Brazil                 
|   |  |                                                   
|   |  | Consolidated Affiliated Entities                   |  |                        
|   |  | Name                                               |  | Place of Incorporation 
|1  |  | Grupo La Lácteo Inc.                               |  | Alberta, Canada        
|2  |  | Grupo La Lácteo LP                                 |  | Alberta, Canada        
|3  |  | La Lácteo S.A.                                     |  | Argentina