Document:

EX-10.2

 Exhibit 10.2 
 PRIVATE INSTRUMENT OF FIDUCIARY ASSIGNMENT OF CREDIT RIGHTS 
 No
100113030001400 
  

			
	I	  	 FIDUCIARY CREDITOR: BANCO ITAÚ BBA S.A.
  

Principal place of business: Av. Brigadeiro Faria Lima, 3400, 3rd to 8th, and 11th and 12th Floors/Part—City of São Paulo, State of São Paulo

 
 17.928.092/0001-30

		
	II	  	 ASSIGNOR: ADECOAGRO VALE DO IVINHEMA LTDA
  

Principal place of business: Faz Estrada Continental Km 15, No Number, Fazenda Takuare, Angelica – Mato Grosso do Sul

 
 National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF):
07.903.169/0001-09

		
	III	  	 DEBTOR: ADECOAGRO VALE DO IVINHEMA LTDA
  

Principal place of business: Faz Estrada Continental Km 15, No Number, Fazenda Takuare, Angelica – Mato Grosso do Sul

 
 National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF):
07.903.169/0001-09

		
	IV	  	CREDIT RIGHTS: One hundred percent (100%) of the credit rights arising from the derivatives transaction executed with BANK ITAÚ BBA S.A., with headquarters in the São
Paulo/SP at Av. Brigadeiro Faria Lima 3400 – 3rd to
8th and 11 and 12 floors/Part, enrolled with the National
Corporate Taxpayers Register (CNPJ/MF) under No. 17.298.092/0001-30, as described in details in Exhibit I.
		
	V	  	SECURED OBLIGATIONS: Obligations undertaken by the DEBTOR under the Export Credit Noted signed on March 4, 2013 with disbursement on March 5, 2013 and its amendments
(“INSTRUMENT”), by which the FIDUCIARY CREDITOR granted a Credit Note to the Exporter on behalf of DEBTOR in the principal amount of seventy-five million Reais (R$75,000,000.00) for the term of two thousand, two hundred and one
(2201) days, with maturity on March 15, 2019 at interest of one hundred percent (100%) of CDI, plus fixed rate of three point twenty percent per annum (3.20% a.a.), equivalent to zero point two six two eight three four percent per month (0.263834%
p.m.) to be paid in sixty-two (62) interest installments, with the 1st installment maturing on September 16, 2013 and the last installment maturing on March 15, 2019 calculated on an exponential “pró-rata temporis” basis, based on a year of three hundred
and sixty (360) days to be paid pursuant to Section 04 of the mentioned Note, via Same Day Electronic Funds Transfer (TED) or debit in account, added to this amount all other charges and obligations assumed by the BORROWER in the Note, such as
charges arising from delays on behalf of the DEBTOR, late payment interest at the effective rate of one percent per month (1% p.m.), plus late payment surcharge calculated daily, according to the Central Bank’s Selic Rate, published by Andima,
plus the percentage of one per annum (1% p.a.). In the case of judicial and/or extrajudicial collection, the DEBTOR shall pay compensation for attorneys’ fees, provided that stipulated by the parties on twenty percent (20%) on the value of the
cause, regardless of payment of principal, late payment interest and other charges and/or expenses provided for in the Note or by law, as fees potentially due to the CREDITOR’S lawyers, as costs borne by the defeated party, plus all other
charges and obligations undertaken by the DEBTOR in the INSTRUMENT (whose copy shall be an integral part hereof as Exhibit II)

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 By this private instrument and on the best terms of the law, the parties named and qualified above, by their
undersigned legal representatives, agreed to enter into this Private Instrument of Fiduciary Assignment of Credit Rights No. 100113030001400 (“AGREEMENT”), which shall be governed by the following provisions and conditions:

 1.) FIDUCIARY ASSIGNMENT 
 1.1. As a
guarantee for all present and future principal, ancillary and default obligations undertaken or that may be undertaken by the DEBTOR in the INSTRUMENT, as well as any amendments thereto or extensions thereof, the ASSIGNOR hereby assigns and
transfers to FIDUCIARY CREDITOR, as an fiduciary assignment as guarantee, as provided for by article 66-B of Law No. 4728/65 as amended by article 55 of Law No. 10931/04, Decree Law No. 911/69 dated October 01, 1969, as amended,
the fiduciary ownership, the terminable title and the indirect possession of the CREDIT RIGHTS held by ASSIGNOR as a result of the derivative transaction effectively transacted by ASSIGNOR with ITAÚ BBA. ASSIGNOR irrevocably and irreversibly
represents that the CREDIT RIGHTS are free and clear of any liens, burden or judicial or extrajudicial pending matters of any kind whatsoever, including tax matters. 
 1.2. The supporting original documents of the CREDIT RIGHTS, as provided for by paragraph three of article 66-B of Law No. 4728/65, as amended by Law No. 10931/04, shall remain under the
possession of the ASSIGNOR, in view of its intention to maintain them. However, the ASSIGNOR shall hold the incumbency of bona-fide depositary, pursuant to item “i” of section 2.1. 
 1.3. ITAÚ BBA hereby declares to be aware of the fiduciary assignment, undertaking to make payments relating to the CREDIT RIGHTS by means of a deposit in a blocked account held by the ASSIGNOR
with ITAÚ BBA: Branch 001 account No. 077184-1 (“BLOCKED ACCOUNT”). 
 1.3.1 ASSIGNOR represents that
it is aware of and accepts all the “Terms and Conditions of the Blocked Deposit Account” which governs the conditions for opening and use of the BLOCKED ACCOUNT which is registered with the 7th Registry of Deeds and Documents and Civil Registry of Legal Entities
of the Capital City under No. 1.814.492. 
 1.4. If the DEBTOR pays in full each installment of the SECURED OBLIGATIONS on the dates
established in the INSTRUMENT, ITAÚ BBA shall transfer the corresponding part of the CREDIT RIGHTS to the following checking account held by the ASSIGNOR: 
 Bank: 341 Branch: 5602 Checking Account No. 01632-0 
 1.5. In the event of default by the
DEBTOR under the INSTRUMENT or by the ASSIGNOR in relation to this AGREEMENT, ITAÚ BBA, as fiduciary owner of the CREDIT RIGHTS, shall immediately withhold one hundred percent (100%) of the amounts deposited in the BLOCKED ACCOUNT, and
shall exercise on the CREDIT RIGHTS and on the proceeds of their collection all rights entitled to it by the applicable law, as set forth in Section 4.2. 
 1.5.1. Irrespective of the foregoing, the DEBTOR shall remain personally liable for any unpaid amounts of the SECURED OBLIGATIONS, including when such default results from insufficient funds deposited in
the BLOCKED ACCOUNT. 
 1.6. The operation of the BLOCKED ACCOUNT shall be exclusively made by ITAÚ BBA, which may upon verification of
default of any section of this AGREEMENT or the GUARANTEED OBLIGATIONS, perform drafts, make investments, debit amounts and redeem funds maintained in the BLOCKED ACCOUNT, always and at any time, pursuant to the provisions and conditions set forth
in this AGREEMENT. 

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 1.7. The ASSIGNOR exempts FIDUCIARY ASSIGNOR for any liability for bar due to statutes of limitation,
issuance or origin of any note or credit that is or may be the subject-matter of this guarantee, being incumbent upon the ASSIGNOR to take, in a timely manner and at its own expenses, any appropriate action to protect and preserve the rights that
represent the guarantee. 
 1.8. Once full payment of all monetary obligations set forth in the INSTRUMENT have been fulfilled, this AGREEMENT
shall be deemed automatically expired, and the property guarantees created herein shall be released. 
 2.) ASSIGNOR’S STATEMENTS AND
OBLIGATIONS 
 2.1. The ASSIGNOR hereby irrevocably and irreversibly undertakes the following obligations and makes the following statements,
whose veracity is essential condition and reason for execution of this AGREEMENT by FIDUCIARY CREDITOR: 
 a) the CREDIT RIGHTS of the ASSIGNOR
result from the derivative transaction effectively contracted by ASSIGNOR: 
 b) the ASSIGNOR is the lawful holder and owner of the CREDIT
RIGHTS, which are free of any liens, disposal, security, pledge, charges or encumbrances of any kind whatsoever, whether legal or conventional, except for the fiduciary assignment as guarantee under this AGREEMENT; 

c) this agreement represents a valid and legal obligation for the ASSIGNOR, enforceable pursuant to its provisions; 

d) the ASSIGNOR is duly authorized to enter into this agreement and comply with all obligations hereunder, and all requirements set forth by law or in
the articles of association required for this engagement were fulfilled; 
 e) neither the execution of this AGREEMENT nor the consummation of
the provisions agreed upon herein violate: 
 (i) any provision of the ASSIGNOR’S articles of incorporation or articles of association or
by-laws; and/or 
 (ii) the constitution, statute, law, regulations or order of any governmental authority in relation to the ASSIGNOR or to
related persons; and/or 
 (iii) any agreements, contracts, government authorizations, instruments, covenants or commitments to which the
ASSIGNOR or related persons are bound; 
 f) the ASSIGNOR shall not assign any of its rights and obligations arising out of the CREDIT RIGHTS to
any third parties without the prior and express written consent of ITAÚ BBA; 
 g) the ASSIGNOR undertakes to defend, on its own behalf,
the ITAÚ BBA’S rights of FIDUCIARY ASSIGNOR in the CREDIT RIGHTS created under this instrument against any lawsuits that may be filed by any third parties; 
 h) the ASSIGNOR undertakes liability for valid settlement of the CREDIT RIGHTS and shall be liable for any occurrence of default and/or bar due to statutes of limitation, being incumbent upon ASSIGNOR,
for the benefit of the guarantee created herein, to take any actions required for the defense of the credit, at its own expenses; 
 i) the
ASSIGNOR undertakes to deliver to FIDUCIARY CREDITOR the original documents that evidence the creation of the CREDIT RIGHTS, as well as any other related documents that may be requested by FIDUCIARY CREDITOR in Exhibit I. It shall be incumbent upon
the ASSIGNOR, as bona-fide depositary, the safeguard and protection of the documents evidencing the enforceability of 

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 
the CREDIT RIGHTS, and it shall undertake the liabilities inherent in its preservation, a charge that the ASSIGNOR accepts without consideration, in an irrevocable and irreversible manner,
subject to any penalties provided for by the civil and criminal law arising therefrom, as provided for by articles 627 et seq of the Brazilian Civil Code. The ASSIGNOR shall not dispose of the aforementioned documents for any reason whatsoever,
without the prior and written authorization of ITAÚ BBA, until all SECURED OBLIGATIONS have been fully complied with, which shall be evidenced by written release or definite settlement by FIDUCIARY CREDITOR; 

j) the ASSIGNOR undertakes to perform all acts and execute any and all documents required for maintenance of the rights arising out of this AGREEMENT, as
well as to make at its own expense the registration of this AGREEMENT and its Exhibits or amendments with the proper Deeds and Documents Registry; 
 k) the ASSIGNOR undertakes to solely authorize the release of the CREDIT RIGHTS and/or of any other credit rights that may be granted as fiduciary assignment under this instrument or any addenda or
amendments hereto, as well as the writing down of this fiduciary assignment, upon express, prior, written authorization from FIDUCIARY ASSIGNOR, and any act contrary to the provisions hereof shall be deemed null and void by operation of law;

 l) the ASSIGNOR undertakes to reinforce, replace or supplement this guarantee with other guarantees at FIDUCIARY ASSIGNOR discretion, and
within the term of ten (10) business days, if the CREDIT RIGHTS are the subject-matter of levy of execution, seizure, provisional attachment or any other judicial or administrative measure, or if they suffer depreciation, deterioration,
devaluation, disturbance, usurpation or become unfit, improper, useless or insufficient to ensure compliance with the principal and ancillary obligations under the DEBTOR’S liability arising out of the INSTRUMENT; 

m) the ASSIGNOR undertakes not to dispose, assign, transfer, sell, lease or encumber with liens of any kind whatsoever the CREDIT RIGHTS provided as
fiduciary assignment as guarantee, without the prior and written consent of ITAÚ BBA, until the obligations under the DEBTOR’S liability arising out of the INSTRUMENT are fulfilled; 

n) the ASSIGNOR shall notify FIDUCIARY ASSIGNOR, within forty-eight (48) hours, of any development that may depreciate or threaten the health of the
guarantee provided under this AGREEMENT; and 
 o) The ASSIGNOR shall record this fiduciary assignment as guarantee in its accounting books.

 2.2. The representations and warranties above shall survive after execution of this instrument and shall be automatically applicable in
relation to any additional CREDIT RIGHTS that may be delivered to the FIDUCIARY CREDITOR under this AGREEMENT. 
 3. CREDIT RIGHTS 

3.1. FIDUCIARY CREDITOR is hereby authorized, in an irrevocable and irreversible manner, to withhold the amounts received until new CREDIT RIGHTS are
delivered and accepted as guarantee, or in case of any default by the DEBTOR in relation to the INSTRUMENT or by the ASSIGNOR in relation to this instrument or to the SECURED OBLIGATIONS, and to use them for amortization or settlement of the amounts
due by the DEBTOR in connection with the SECURED OBLIGATIONS. 
 4. REASONS FOR DEFAULT AND ACCELERATION 

4.1. This agreement may be deemed accelerated, irrespective of previous notice or judicial or extrajudicial notification, and FIDUCIARY CREDITOR shall be
authorized to sell the CREDIT RIGHTS extra-judicially and to use the proceeds of any such sale or the proceeds of the settlement, by the corresponding debtors of the CREDIT RIGHTS for payment of its principal and ancillary credits and any other
charges arising out of the INSTRUMENT, in the event of non receipt by FIDUCIARY 

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 
CREDITOR of any amounts due to it by DEBTOR or upon occurrence of any of the events below which the parties hereby agree to be the direct cause of the undue increase of the risk of default of the
obligations undertaken by the DEBTOR which makes the credit extension obligation undertaken by FIDUCIARY CREDITOR more onerous: 
 a) failure by
the DEBTOR or by the ASSIGNOR, within the term and in the manner that are appropriate, to comply with any principal or ancillary obligation undertaken to FIDUCIARY CREDITOR under the INSTRUMENT or this AGREEMENT; 

b) if any representation made by the DEBTOR or by the ASSIGNOR in the INSTRUMENT or in this INSTRUMENT or AGREEMENT, as the case may be, is incorrect,
inaccurate or false in any material aspect, without prejudice to any damages and losses due by the corresponding declarer; 
 c) if there is any
breach of this AGREEMENT has been incurred by the DEBTOR or the ASSIGNOR; or 
 d) in the event of assignment, transfer, sale, disposal or
encumbrance, by the ASSIGNOR, of any right or obligation arising out of the CREDIT RIGHTS, without the due prior written consent of ITAÚ BBA; 
 4.2. In case of the DEBTOR’S default or delay in relation to the obligations undertaken in the INSTRUMENT, the FIDUCIARY CREDITOR in the capacity of fiduciary owner of the CREDIT RIGHTS hereby
delivered as fiduciary assignment as guarantee, shall exercise thereon, as well as on the proceeds resulting from their collection, all powers ensured to it by the applicable law, especially article 1364 of the Brazilian Civil Code, including ad
judicia and ad negotia powers, with authorization to assign or transfer the CREDIT RIGHTS, in any manner, irrespective of auction, public notice, previous evaluation or any other judicial or extrajudicial measure, as well as to transfer
and operate the proceeds resulting from the collection of the CREDIT RIGHTS, give release and execute any documents or instruments, however special they may be, required for performance of the acts referred to herein, everything without the need for
any prior notice or notification to the ASSIGNOR. 
 4.3. In the event set forth in section 4.2 above, FIDUCIARY ASSIGNOR, at its own
discretion, shall use the proceeds of the assignment or transfer of the CREDIT RIGHTS in the total or partial settlement of the SECURED OBLIGATIONS, and the DEBTOR shall remain liable for the payment of any remaining balance, within twenty-four
(24) hours as from written notification from FIDUCIARY CREDITOR to DEBTOR. Said procedure shall not prevent collection thereof by means of foreclosure, as provided for by article 585 of the Brazilian Code of Civil Procedure, in case that the
balance remains unpaid. In case of remaining positive balance, it shall be immediately made available to the ASSIGNOR. 
 4.4. Without prejudice
to the fiduciary assignment as guarantee provided in this AGREEMENT or to any other guarantees that may be provided under the INSTRUMENT, the FIDUCIARY CREDITOR may use, withhold of offset any other amounts, guarantees, notes or values held or that
may be held by it, on any account whatsoever, owned by the ASSIGNOR, which hereby delivers them as a guarantee for payment of the amounts due by the DEBTOR to FIDUCIARY CREDITOR, using them for amortization or settlement of any of the obligations
set forth in the INSTRUMENT, in the event of delay or default by the DEBTOR. FIDUCIARY CREDITOR is hereby irrevocably and irreversibly vested in all powers required to carry out the aforementioned withholding and offset. 

5. AMENDMENTS AND CHANGES – The parties agree that: 
 a) any change to this AGREEMENT shall solely take place by means of a written instrument executed by both parties, except for the covenants included in this Section. 

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 b) the changes to Exhibit II which includes the changes to the qualification of the SECURED OBLIGATIONS, the
inclusion of a new obligation to be guaranteed or the exclusion of any of the obligations listed in Exhibit II may be made through an amendment to Exhibit II or a replacement of Exhibit II for another one; 

c) Exhibits I and II may not be changed or replaced (i) if any CREDIT RIGHT is extinguished or loses its validity provided that the ASSIGNOR(S) is
not required to replace it in view of the such events; and (ii) if any SECURED OBLIGATION is also extinguished for having been complied with in its entirety; 
 6.) GENERAL PROVISIONS 
 6.1. Any and all expense incurred by any of the parties for preparation,
execution or registration of this instrument shall be paid by the ASSIGNOR, including and especially the registration of this instrument with the applicable Registry of Deeds and Documents. 
 6.2. All notices, requests, claims or other communications that may be addressed to or by the parties shall be made in writing and delivered in person or sent by fax with transmission registration, or by
registered letter, to the addresses set forth below, or to any other address that the parties may previously indicate in writing. 
 BANCO
ITAÚ BBA S.A. 
 Av. das Nações Unidas, 7815 5th Floor – Pinheiros – São Paulo—SP 

Phone: (11) 3157-5947 
 Att. Moises Franco
da Silva 
 Email: moises.franco@itaubba.com 
 ASSIGNOR: 
 “SAME ADDRESS INDICATED IN THE PREAMBLE” 

“C/O FINANCIAL MANAGEMENT” 
 6.3.
FIDUCIARY CREDITOR may, at any time, assign or grant interests in a part or in all rights relating to this agreement to any third parties, freely. The ASSIGNOR is expressly forbidden from transferring to any third parties any of the obligations set
forth herein, unless upon prior, express consent from the FIDUCIARY CREDITOR. 
 6.4. This AGREEMENT shall come into force as of the date of its
execution until final settlement of all SECURED OBLIGATIONS. 
 6.5. This AGREEMENT is entered into in an irrevocable and irreversible manner
and is binding upon the parties and their respective heirs and successors on any account whatsoever. 
 6.6. The failure to exercise any right
or privilege ensured by this AGREEMENT, the INSTRUMENT or by law to FIDUCIARY CREDITOR, as well as any forbearance in relation to any delay in compliance with any of the obligations undertaken by the DEBTOR or by the ASSIGNOR under this AGREEMENT or
under the INSTRUMENT shall not be deemed novation or waive of any section of this AGREEMENT. 
 6.7. The DEBTOR and the ASSIGNOR authorize
FIDUCIARY CREDITOR for the term of effectiveness of this AGREEMENT to: 

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 a) supply to the Central Bank of Brazil (BACEN), to be entered into the Credit Information System-SCR,
information about the amount of its due and overdue debts, including delayed debts and transactions written down with loss, as well as the amount of the co-obligations undertaken and the guarantees provided, and 

b) consult the SCR about any existing information on behalf of the DEBTOR and the ASSIGNOR. 
 6.7.1. The SCR purpose is to provide BACEN with information on credit transactions for supervision of the credit risk and for exchange of information among financial institutions. The DEBTOR and the
ASSIGNOR are aware that any consultation to the SCR by FIDUCIARY CREDITOR requires previous authorization therefrom and ratify any consultation previously made for purposes of this engagement. The DEBTOR and the ASSIGNOR may have access, at any
time, to the SCR data through the means made available to them by BACEN and, in case of any divergence in the SCR data supplied byFIDUCIARY CREDITOR, the DEBTOR and the ASSIGNOR may request any correction, exclusion or registration of supplementary
annotation, including of legal measures, upon written and justified request to FIDUCIARY CREDITOR. 
 6.8. FIDUCIARY CREDITOR is hereby entitled
to full right of verifying the integrity of the CREDIT RIGHTS and may, therefore, request to their debtor(s) and/or manager(s) the provision, at any time, of a statement of maintenance of the registration of this fiduciary assignment as guarantee.

 6.9. The Parties hereby agree and declare that by reason of this fiduciary assignment of CREDIT RIGHTS in guarantee of the INSTRUMENT, the
CREDIT RIGHTS shall not be subject to the offset provided in the Derivatives Transactions Execution Agreement No. 3290. 
 6.10 The parties
elect the Courts of the Judicial District of the City of São Paulo, State of São Paulo, to resolve any issues arising out of this AGREEMENT and waive any other courts, however privileged they may be. FIDUCIARY CREDITOR reserves the
right to choose the courts of the location of the CREDIT RIGHTS or those of the ASSIGNOR’S domicile. 
 This instrument is issued in three
(03) identical counterparts and executed by the parties identified in the preamble hereof, in the presence of the witnesses below: 

São Paulo, March 4, 2013. 
 BANCO
ITAU BBA S.A. 
 ASSIGNOR/DEBTOR: ADECOAGRO VALE DO IVINHEMA LTDA 
 Corporate Taxpayers Register (CNPJ): 07.903.169/0001-09 
  

			
	Witnesses:	 	
	1.	 	 2.      

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 EXHIBIT I TO 
 PRIVATE INSTRUMENT OF FIDUCIARY ASSIGNMENT OF CREDIT 
 No. 100113030001400

 Cash Flow Swap Transaction Confirmation No. 109813030003900, in the total amount of R$75,000,000.00, with opening date
on March 4, 2013 and maturity on March 15, 2019 linked to DERIVATIVES TRANSACTION EXECUTION AGREEMENT No. 3290, signed by ITAU BBA on March 6, 2012, and the 1st AMENDMENT TO THE DERIVATIVES TRANSACTION EXECUTION AGREEMENT No. 3290, executed by ITAU BBA on April 27,
2012. 
 ASSIGNOR: ADECOAGRO VALE DO IVINHEMA LTDA 
 Corporate Taxpayers Register (CNPJ): 07.903.169/0001-09 

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 EXHIBIT II TO 
 PRIVATE INSTRUMENT OF FIDUCIARY ASSIGNMENT OF CREDIT 
 No. 100113030001400

 Insert copy of the Instrument subject of guarantee No. 100113030001400 

  
 INSTRUMENT:
100113030001400 
 AUTHENTICATION (SIM-II): 0C6EDE78-9F26-4C71-85A2-0AEFEE7F7A13 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/DERIVATIVES/IBBA/BRASIL ADECOAGRO_CNPJ07903169 

 PRIVATE INSTRUMENT OF FIDUCIARY ASSIGNMENT OF CREDIT RIGHTS 

No 100113030001400A 
  

			
	I	  	 ITAÚ BBA: BANCO ITAÚ BBA S.A.
  

Principal place of business: Av. Brigadeiro Faria Lima, 3400, 3rd to 8th, 11th and 12th Floors – District of Itaim Bibi, City of São Paulo, State of São Paulo

 
 National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF):
17.928.092/0001-30

		
	II	  	 ASSIGNOR: ADECOAGRO VALE DO IVINHEMA LTDA.
  

Principal place of business: Faz Estrada Continental Km 15, No Number, Fazenda Takuare, Angelica – Mato Grosso do Sul

 
 National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF):
07.903.169/0001-09

		
	III	  	 DEBTOR: ADECOAGRO VALE DO IVINHEMA LTDA.
  

Principal place of business: Faz Estrada Continental Km 15, No Number, Fazenda Takuare, Angelica – Mato Grosso do Sul

 
 National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF):
07.903.169/0001-09

		
	IV	  	CREDIT RIGHTS: One hundred percent (100%) of all credit rights detailed below: RESERVE ENERGY AGREEMENT – CER No. 04/08 PRODUCT 2010/2025 – Reserve Energy Agreement –
CER in the Modality of Electric Energy Availability entered into between UTE Angelica and Câmara de Comercialização de Energia Elétrica – CCEE and the FIRST AMENDMENT TO THE RESERVE ENERGY AGREEMENT—CER No. 04/08
dated as of December 22, 2010. On one part, Angélica Agroenergia LTDA., National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF): 07.903.169/0001-09, and the current Corporate Name in the National Corporate Taxpayers
Register being ADECOAGRO VALE DO IVINHEMA LTDA., hereinafter referred to as SELLER, and on the other part, Câmara de Comercialização de Energia Elétrica – CCEE, Corporate Taxpayers Register of the Ministry of Finance
(CNPJ/MF): 03.034.433/0001-56 simply referred to as CCEE, the subject-matter of the agreement shall be to establish the terms and conditions for contracting electric energy pursuant to SECTION 1 – SUBJECT-MATTER AND EXHIBITS OF THE AGREEMENT
within the term and effectiveness pursuant to SECTION 4—EFFECTIVENESS OF THE AGREEMENT AND PERIOD OF SUPPLY of the respective RESERVE ENERGY AGREEMENT—CER No. 04/08 PRODUCT 2010/2025 as described in details in Exhibit I.
		
	V	  	SECURED OBLIGATIONS: Obligations undertaken by the DEBTOR under the contracted transactions/operations described in Exhibit II (which is an integral part to this Agreement, and
which shall be amended/replaced, and also registered before the competent registry office, in cases of replacement or insertion of new transactions/operations/secured obligations), which full and timely compliance shall be guaranteed by this
Agreement: principal, remuneration charges and default interest, commissions, tariffs and fees, taxes, monetary adjustment, indemnities, liquidated- damages clause and fines, exchange variation and others, all of them expressly described in Exhibit
II.

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

			
		
	VI	  	MINIMUM AMOUNT OF CREDIT RIGHTS: It is hereby established that the totality of the CREDIT RIGHTS deposited into the blocked account annually shall correspond to the minimum of one
hundred and ten percent (110%) of the principal amount of the SECURED OBLIGATIONS.

 By this private instrument and on the best terms of the law, the parties named and qualified above, by their undersigned
legal representatives, agreed to enter into this Private Instrument of Fiduciary Assignment of Credit Rights No. 100113030001400A (“AGREEMENT”), which shall be governed by the following provisions and conditions: 

1.) FIDUCIARY ASSIGNMENT 
 1.1. As a guarantee
for all present and future principal, ancillary and default obligations undertaken or that may be undertaken by the DEBTOR in the SECURED OBLIGATIONS, as well as any amendments thereto or extensions thereof, the ASSIGNOR hereby assigns and transfers
to ITAÚ BBA, as an fiduciary assignment as guarantee, as provided for by article 66-B of Law No. 4728/65 as amended by article 55 of Law No. 10931/04, Decree Law No. 911/69 dated October 01, 1969, as amended, the fiduciary
ownership, the terminable title and the indirect possession of the CREDIT RIGHTS drawn up by ASSIGNOR as a result of the transactions of the RESERVE ENERGY AGREEMENT – CER No. 04/08 PRODUCT 2010/2025 – Reserve Energy Agreement –
CER, in the Modality of Electric Energy Availability entered into between UTE Angelica and Câmara de Comercialização de Energia Elétrica – CCEE and the FIRST AMENDMENT TO RESERVE ENERGY AGREEMENT—CER
No. 04/08 dated as of December 22, 2010. On one part, Angélica Agroenergia Ltda., National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF): 07.903.169/0001-09, and the current Corporate Name in the National
Corporate Taxpayers Register being ADECOAGRO VALE DO IVINHEMA LTDA., hereinafter referred to as SELLER, and on the other part, Câmara de Comercialização de Energia Elétrica – CCEE, Corporate Taxpayers Register of the
Ministry of Finance (CNPJ/MF): 03.034.433/0001-56 simply referred to as CCEE, the subject-matter of the agreement shall be to establish the terms and conditions for contracting electric energy pursuant to SECTION 1 – SUBJECT-MATTER AND EXHIBITS
OF THE AGREEMENT within the term and effectiveness pursuant to SECTION 4—EFFECTIVENESS OF THE AGREEMENT AND PERIOD OF SUPPLY of the respective RESERVE ENERGY AGREEMENT—CER No. 04/08 PRODUCT 2010/2025 actually made by ASSIGNOR.
ASSIGNOR irrevocably and irreversibly represents that the CREDIT RIGHTS are free and clear of any liens, burden or judicial or extrajudicial pending matters of any kind whatsoever, including tax matters. 

1.2. The supporting original documents of the CREDIT RIGHTS, as provided for by paragraph three of article 66-B of Law No. 4728/65, as amended by
Law No. 10931/04, shall remain under the possession of the ASSIGNOR, in view of its intention to maintain them. However, the ASSIGNOR shall hold the incumbency of bona-fide depositary, pursuant to item “i” of section 2.1. 

1.3. The ASSIGNOR shall notify the debtor(s) of the CREDIT RIGHTS within thirty (30) days as of the date of signature of this AGREEMENT through
correspondences according to the terms of Exhibit III, so the debtor(s) is(are) able to provide any and all payments relating to the CREDIT RIGHTS by means of a deposit in a blocked account held by the ASSIGNOR with ITAÚ BBA: 77234-1, branch
001 (“BLOCKED ACCOUNT”). 
 1.3.1 ASSIGNOR represents that it is aware of and accepts all the “Terms and
Conditions of the Blocked Deposit Account” which governs the conditions for opening and use of the BLOCKED ACCOUNT which is registered with the 7th Registry of Deeds and Documents and Civil Registry of Legal Entities of the Capital City under No. 1.814.492.

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 1.4. While the DEBTOR is compliant with the SECURED OBLIGATIONS, ITAÚ BBA shall transfer all funds
deposited in the BLOCKED ACCOUNT to the following checking account held by the ASSIGNOR: 
 Bank: 341 Branch: 5602 Checking Account
No. 01632-0 
 1.5. In the event of default by the DEBTOR in relation to the SECURED OBLIGATIONS or by the ASSIGNOR in relation to this
AGREEMENT, ITAÚ BBA, as fiduciary owner of the CREDIT RIGHTS, shall immediately withhold one hundred percent (100%) of the amounts deposited in the BLOCKED ACCOUNT, and shall exercise on the CREDIT RIGHTS and on the proceeds of their
collection all rights entitled to it by the applicable law, as set forth in Section 3.2. 
 1.5.1. Irrespective of the foregoing, the
DEBTOR shall remain personally liable for any unpaid amounts of the SECURED OBLIGATIONS, including when such default results from insufficient funds deposited in the BLOCKED ACCOUNT. 
 1.6. The operation of the BLOCKED ACCOUNT shall be exclusively made by ITAÚ BBA, which may upon verification of default of any section of this AGREEMENT or early maturity, perform drafts, make
investments, debit amounts and redeem funds maintained in the BLOCKED ACCOUNT, always and at any time, pursuant to the provisions and conditions set forth in this AGREEMENT. 
 1.7. The ASSIGNOR exempts ITAÚ BBA for any liability for bar due to statutes of limitation, issuance or origin of any note or credit that is or may be the subject-matter of this guarantee, being
incumbent upon the ASSIGNOR to take, in a timely manner and at its own expenses, any appropriate action to protect and preserve the rights that represent the guarantee. 
 1.8. Once full payment of all monetary obligations set forth in the SECURED OBLIGATIONS have been fulfilled, this AGREEMENT shall be deemed automatically expired, and the property guarantees created
herein shall be released. 
 2.) ASSIGNOR’S STATEMENTS AND OBLIGATIONS 
 2.1. The ASSIGNOR hereby irrevocably and irreversibly undertakes the following obligations and makes the following statements, whose veracity is essential condition and reason for execution of this
AGREEMENT by ITAÚ BBA: 
 a) the CREDIT RIGHTS of the ASSIGNOR result from transactions of RESERVE ENERGY AGREEMENT – CER
No. 04/08 PRODUCT 2010/2025 – Reserve Energy Agreement – CER in the Modality of Electric Energy Availability entered into between UTE Angelica and Câmara de Comercialização de Energia Elétrica – CCEE
and FIRST AMENDMENT TO THE RESERVE ENERGY AGREEMENT—CER No. 04/08 dated as of December 22, 2010. On one part, Angélica Agroenergia LTDA., National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF):
07.903.169/0001-09, and the current Corporate Name in the National Corporate Taxpayers Register being ADECOAGRO VALE DO IVINHEMA LTDA., hereinafter referred to as SELLER, and on the other part, Câmara de Comercialização de
Energia Elétrica – CCEE, Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF): 03.034.433/0001-56 simply referred to as CCEE, the subject-matter of the agreement shall be to establish the terms and conditions for contracting
electric energy pursuant to SECTION 1 – SUBJECT-MATTER AND EXHIBITS OF THE AGREEMENT within the term and effectiveness pursuant to SECTION 4—EFFECTIVENESS OF THE AGREEMENT AND PERIOD OF SUPPLY of the respective RESERVE ENERGY
AGREEMENT—CER No. 04/08 PRODUCT 2010/2025 actually performed by the ASSIGNOR; 
 b) the ASSIGNOR is the lawful holder and owner of the
CREDIT RIGHTS, which are free of any liens, disposal, security, pledge, charges or encumbrances of any kind whatsoever, whether legal or conventional, except for the fiduciary assignment as guarantee under this AGREEMENT; 

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 c) this agreement represents a valid and legal obligation for the ASSIGNOR, enforceable pursuant to its
provisions; 
 d) the ASSIGNOR is duly authorized to enter into this agreement and comply with all obligations hereunder, and all requirements
set forth by law or in the articles of association required for this engagement were fulfilled; 
 e) neither the execution of this AGREEMENT
nor the consummation of the provisions agreed upon herein violate: 
 (i) any provision of the ASSIGNOR’S articles of incorporation or
articles of association or by-laws; and/or 
 (ii) the constitution, statute, law, regulations or order of any governmental authority in
relation to the ASSIGNOR or to related persons; and/or 
 (iii) any agreements, contracts, government authorizations, instruments, covenants or
commitments to which the ASSIGNOR or related persons are bound; 
 f) the ASSIGNOR shall not assign any of its rights and obligations arising
out of the CREDIT RIGHTS to any third parties without the prior and express written consent of ITAÚ BBA; 
 g) the ASSIGNOR undertakes to
defend, on its own behalf, the ITAÚ BBA’S rights in the CREDIT RIGHTS created under this instrument against any lawsuits that may be filed by any third parties; 
 h) the ASSIGNOR undertakes liability for valid settlement of the CREDIT RIGHTS and shall be liable for any occurrence of default and/or bar due to statutes of limitation, being incumbent upon ASSIGNOR,
for the benefit of the guarantee created herein, to take any actions required for the defense of the credit, at its own expenses; 
 i) the
ASSIGNOR undertakes to deliver to ITAÚ BBA the original documents that evidence the creation of the CREDIT RIGHTS, as well as any other related documents that may be requested by ITAÚ BBA in Exhibit I. It shall be incumbent upon the
ASSIGNOR, as bona-fide depositary, the safeguard and protection of the documents evidencing the enforceability of the CREDIT RIGHTS, and it shall undertake the liabilities inherent in its preservation, a charge that the ASSIGNOR accepts without
consideration, in an irrevocable and irreversible manner, subject to any penalties provided for by the civil and criminal law arising therefrom, as provided for by articles 627 et seq of the Brazilian Civil Code. The ASSIGNOR shall not dispose of
the aforementioned documents for any reason whatsoever, without the prior and written authorization of ITAÚ BBA, until all SECURED OBLIGATIONS have been fully complied with, which shall be evidenced by written release or definite settlement
by ITAÚ BBA; 
 j) the ASSIGNOR undertakes to perform all acts and execute any and all documents required for maintenance of the rights
arising out of this AGREEMENT, as well as to make at its own expense the registration of this AGREEMENT and its Exhibits or amendments with the proper Deeds and Documents Registry; 
 k) the ASSIGNOR represents it has informed the debtor(s) of the CREDIT RIGHTS that all payments due to it, ASSIGNOR, in relation to the CREDIT RIGHTS shall be made in the BLOCKED ACCOUNT. 

l) the ASSIGNOR undertakes to solely authorize the release of the CREDIT RIGHTS and/or of any other credit rights that may be granted as fiduciary
assignment under this instrument or any addenda or amendments hereto, as well as the writing down of this fiduciary assignment, upon express, prior, written authorization from ITAÚ BBA, and any act contrary to the provisions hereof shall be
deemed null and void by operation of law; 

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 m) the ASSIGNOR undertakes to reinforce, replace or supplement this guarantee with other guarantees at
ITAÚ BBA’S discretion, and within the term of ten (10) business days, if the CREDIT RIGHTS are the subject-matter of levy of execution, seizure, provisional attachment or any other judicial or administrative measure, or if they
suffer depreciation, deterioration, devaluation, disturbance, usurpation or become unfit, improper, useless or insufficient to ensure compliance with the principal and ancillary obligations under the DEBTOR’S liability arising out of the
INSTRUMENT; 
 n) the ASSIGNOR undertakes not to dispose, assign, transfer, sell, lease or encumber with liens of any kind whatsoever the CREDIT
RIGHTS provided as fiduciary assignment as guarantee, without the prior and written consent of ITAÚ BBA, until the obligations under the DEBTOR’S liability arising out of the INSTRUMENT are fulfilled; 

o) the ASSIGNOR shall notify ITAÚ BBA, within forty-eight (48) hours, of any development that may depreciate or threaten the health of the
guarantee provided under this AGREEMENT; and 
 p) The ASSIGNOR shall record this fiduciary assignment as guarantee in its accounting books.

 2.2. The representations and warranties above shall survive after execution of this instrument and shall be automatically applicable in
relation to any additional CREDIT RIGHTS that may be delivered to the ITAÚ BBA under this AGREEMENT. 
 3.) CREDIT RIGHTS 

3.1. ITAÚ BBA is hereby authorized, in an irrevocable and irreversible manner, to withhold the amounts received until new CREDIT RIGHTS are
delivered and accepted as guarantee, or in case of any default by the DEBTOR in relation to the AGREEMENT or by the ASSIGNOR in relation to this instrument or to the SECURED OBLIGATIONS, and to use them for amortization or settlement of the amounts
due by the DEBTOR in connection with the SECURED OBLIGATIONS. 
 4.) REASONS FOR DEFAULT AND ACCELERATION 

4.1. This agreement may be deemed accelerated, irrespective of previous notice or judicial or extrajudicial notification, and ITAÚ BBA shall be
authorized to sell the CREDIT RIGHTS extrajudicially and to use the proceeds of any such sale or the proceeds of the settlement, by the corresponding debtors of the CREDIT RIGHTS for payment of its principal and ancillary credits and any other
charges arising out of the SECURED OBLIGATIONS, in the event of non receipt by ITÁU BBA of any amounts due to it by DEBTOR or upon occurrence of any of the events below which the parties hereby agree to be the direct cause of the undue
increase of the risk of default of the obligations undertaken by the DEBTOR which makes the credit extension obligation undertaken by ITAÚ BBA more onerous: 
 a) failure by the DEBTOR or by the ASSIGNOR, within the term and in the manner that are appropriate, to comply with any principal or ancillary obligation undertaken to ITAÚ BBA under the SECURED
OBLIGATIONS, this AGREEMENT or any other agreement entered into by the DEBTOR or by the ASSIGNOR with ITAÚ BBA and/or any other company directly and/or indirectly related / associated / contracted by ITAÚ BBA and/or its controlling
company. 
 b) occurrence in regard to the DEBTOR and to the ASSIGNOR of any of the events mentioned in articles 333 and 1425 of the Brazilian
Civil Code (Law No. 10406/02); 
 c) if the DEBTOR or the ASSIGNOR proposes an extrajudicial reorganization plan to ITAÚ BBA or to
any other creditor or class of creditors regardless of having requested or obtained the judicial ratification of such plan; 
 d) if the DEBTOR
or the ASSIGNOR files in court for judicial reorganization regardless of the granting of the processing of such reorganization or the granting thereof by the proper judge; 

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 e) the adjudication in bankruptcy of DEBTOR or of ASSIGNOR, its dissolution or protest of not in an amount
exceeding twenty million Reais (R$20,000,000.00) for the payment of which it its liable even if in the condition of guarantor; 
 f)
early maturity of any other agreement which the DEBTOR or the ASSIGNOR has executed and/or may execute with ITAÚ BBA and/or with any other associated/affiliate/controlled and/or controlling company, whether directly and/or indirectly, of
ITAÚ BBA; 
 g) change in the economic-financial condition of the DEBTOR or of the ASSIGNOR which may be proven to cause any damage to
its ability to comply with the obligations undertaken in the SECURED OBLIGATIONS; 
 h) if there is any relevant change or amendment to the
business purpose of the DEBTOR or of the ASSIGNOR made without the prior written consent of ITAÚ BBA; 
 i) if there is any change or
amendment to the capital ownership of the DEBTOR or of the ASSIGNOR, or if there is any change, transfer or assignment, whether directly or indirectly, of the corporate control/controlling interest or even the merger, consolidation or spin-off of
the DEBTOR or of the ASSIGNOR without the prior express knowledge and consent of ITAÚ BBA considering that the maintenance of the current share capital structure, control and management is an essential condition for the execution of this
AGREEMENT; 
 j) if the DEBTOR or the ASSIGNOR assigns or transfers any of its obligations under the SECURED OBLIGATIONS or this AGREEMENT, as
the case may be, wholly or in part, without prior, express consent from ITAÚ BBA; 
 k) if any lawsuits, foreclosures or judicial or
extrajudicial measures of any kind whatsoever are brought against the ASSIGNOR which may be proven to affect the CREDIT RIGHTS, wholly or in part; 
 l) if any representation made by the DEBTOR or by the ASSIGNOR in the SECURED OBLIGATIONS or in this AGREEMENT, as the case may be, is incorrect, inaccurate or false in any material aspect, without
prejudice to any damages and losses due by the corresponding declarer; 
 m) if any breach of this AGREEMENT has been incurred by the DEBTOR or
the ASSIGNOR; 
 n) in the event of assignment, transfer, sale, disposal or encumbrance, by the ASSIGNOR, of any right or obligation arising out
of the CREDIT RIGHTS, without the due prior written consent of ITAÚ BBA; 
 o) if the MINIMUM AMOUNT OF CREDIT RIGHTS is not complied
with. The ascertainments of the MINIMUM AMOUNT OF CREDIT RIGHT shall be made annually by the CREDITOR. 
 4.2. In case of the DEBTOR’S
default or delay in relation to the obligations undertaken in the SECURED OBLIGATIONS, ITAÚ BBA, in the capacity of fiduciary owner of the CREDIT RIGHTS hereby delivered as fiduciary assignment as guarantee, shall exercise thereon, as well as
on the proceeds resulting from their collection, all powers ensured to it by the applicable law, especially article 1364 of the Brazilian Civil Code, including ad judicia and ad negotia powers, with authorization to sell, assign,
redeem or transfer the CREDIT RIGHTS, in any manner, irrespective of auction, public notice, previous evaluation or any other judicial or extrajudicial measure, as well as to transfer and operate the proceeds resulting from the collection of the
CREDIT RIGHTS, give release and execute any documents or instruments, however special they may be, required for performance of the acts referred to herein, everything without the need for any prior notice or notification to the ASSIGNOR. 

4.3. In the event set forth in section 4.2 above, ITAÚ BBA, at its own discretion, shall use the proceeds of the sale of the CREDIT RIGHTS in the
total or partial settlement of the SECURED OBLIGATIONS, and the DEBTOR shall remain liable for the payment of any remaining balance, 

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 
within twenty-four (24) hours as from written notification from ITAÚ BBA to DEBTOR. Said procedure shall not prevent collection thereof by means of foreclosure, as provided for by
article 585 of the Brazilian Code of Civil Procedure, in case that the balance remains unpaid. In case of remaining positive balance, it shall be immediately made available to the ASSIGNOR. 
 4.4. Without prejudice to the fiduciary assignment as guarantee provided in this AGREEMENT or to any other guarantees that may be provided under the SECURED OBLIGATIONS, ITAÚ BBA may use, withhold
of offset any other amounts, guarantees, notes or values held or that may be held by it, on any account whatsoever, owned by the ASSIGNOR, which hereby delivers them as a guarantee for payment of the amounts due by the DEBTOR to ITAÚ BBA,
using them for amortization or settlement of any of the obligations set forth in the SECURED OBLIGATIONS, in the event of delay or default by the DEBTOR. ITAÚ BBA is hereby irrevocably and irreversibly vested in all powers required to carry
out the aforementioned withholding and offset. 
 5.) AMENDMENTS AND CHANGES – The parties agree that: 

a) any change to this AGREEMENT shall solely take place by means of a written instrument executed by both parties, except for the covenants included in
this Section. 
 b) the changes to Exhibit II which includes the changes to the qualification of the SECURED OBLIGATIONS, the inclusion of a new
obligation to be guaranteed or the exclusion of any of the obligations listed in Exhibit II may be made through an amendment to Exhibit II or a replacement of Exhibit II for another one; 
 c) Exhibits I and II may not be changed or replaced (i) if any CREDIT RIGHT is extinguished or loses its validity provided that the ASSIGNOR(S) is not required to replace it in view of the such
events; and (ii) if any SECURED OBLIGATION is also extinguished for having been complied with in its entirety; 
 6.) GENERAL PROVISIONS

 6.1. Any and all expense incurred by any of the parties for preparation, execution or registration of this instrument shall be paid by the
ASSIGNOR, including and especially the registration of this instrument with the applicable Registry of Deeds and Documents. 
 6.2. All notices,
requests, claims or other communications that may be addressed to or by the parties shall be made in writing and delivered in person or sent by fax with transmission registration, or by registered letter, to the addresses set forth below, or to any
other address that the parties may previously indicate in writing. 
 BANCO ITAÚ BBA S.A. 

Av. Brigadeiro Faria Lima, 3400 – 11th Floor 

São Paulo—SP 
 Tel.:
(011) 3708-8422 
 Fax: (011) 3708-8933 
 Attn: Mr. Moises Franco da Silva 
 Adecoagro Vale do Ivinhema Ltda. 

Rua Iguatemi, 192, 12th floor 
 São
Paulo—SP 
 Tel.: 2678.5600 

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 Attn.: Mr. Orlando Carlos Editore – Financial Director 

6.3. ITAÚ BBA may, at any time, assign or grant interests in a part or in all rights relating to this agreement to any third parties, freely. The
ASSIGNOR is expressly forbidden from transferring to any third parties any of the obligations set forth herein, unless upon prior, express consent from ITAÚ BBA. 
 6.4. This AGREEMENT shall come into force as of the date of its execution until final settlement of all SECURED OBLIGATIONS. 
 6.5. This AGREEMENT is entered into in an irrevocable and irreversible manner and is binding upon the parties and their respective heirs and successors on any account whatsoever. 

6.6. The failure to exercise any right or privilege ensured by this AGREEMENT, by the SECURED OBLIGATIONS or by law to ITAÚ BBA, as well as any
forbearance in relation to any delay in compliance with any of the obligations undertaken by the DEBTOR or by the ASSIGNOR under this AGREEMENT or under the SECURED OBLIGATIONS shall not be deemed novation or waive of any section of this AGREEMENT.

 6.7. The DEBTOR and the ASSIGNOR authorize ITAÚ BBA for the term of effectiveness of this AGREEMENT to: 

a) supply to the Central Bank of Brazil (BACEN), to be entered into the Credit Information System—SCR, information about the amount of its due and
overdue debts, including delayed debts and transactions written down with loss, as well as the amount of the co-obligations undertaken and the guarantees provided, and 
 b) consult the SCR about any existing information on behalf of the DEBTOR and the ASSIGNOR. 

6.7.1. The SCR purpose is to provide BACEN with information on credit transactions for supervision of the credit risk and for exchange of information
among financial institutions. The DEBTOR and the ASSIGNOR are aware that any consultation to the SCR by ITAÚ BBA requires previous authorization therefrom and ratify any consultation previously made for purposes of this engagement. The DEBTOR
and the ASSIGNOR may have access, at any time, to the SCR data through the means made available to them by BACEN and, in case of any divergence in the SCR data supplied by ITAÚ BBA, the DEBTOR and the ASSIGNOR may request any correction,
exclusion or registration of supplementary annotation, including of legal measures, upon written and justified request to ITAÚ BBA. 

6.8. ITAÚ BBA is hereby entitled to full right of verifying the integrity of the CREDIT RIGHTS and may, therefore, request to their debtor(s)
and/or manager(s) the provision, at any time, of a statement of maintenance of the registration of this fiduciary assignment as guarantee. 

6.9. The parties elect the Courts of the Judicial District of the City of São Paulo, State of São Paulo, to resolve any issues arising out
of this AGREEMENT and waive any other courts, however privileged they may be. ITAÚ BBA reserves the right to choose the courts of the location of the CREDIT RIGHTS or those of the ASSIGNOR’S domicile. 

This instrument is issued in five (5) identical counterparts and executed by the parties identified in the preamble hereof, in the presence of the
witnesses below: 
 São Paulo, March 4, 2013. 
 BANCO ITAU BBA S.A. 
 ASSIGNOR: ADECOAGRO VALE DO IVINHEMA LTDA. 

Corporate Taxpayers Register (CNPJ): 07.903.169/0001-09 
 Witnesses: 

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 1. 

2. 
 EXHIBIT I TO 

PRIVATE INSTRUMENT OF FIDUCIARY ASSIGNMENT OF CREDIT RIGHTS 
 NO. 100113030001400A 
 DESCRIPTION OF THE CREDIT RIGHTS UNDER FIDUCIARY
ASSIGNMENT 
 RESERVE ENERGY AGREEMENT – CER No. 04/08 PRODUCT 2010/2025 – Reserve Energy Agreement – CER in the Modality of
Electric Energy Availability entered into between UTE Angelica and Câmara de Comercialização de Energia Elétrica – CCEE and the FIRST AMENDMENT TO RESERVE ENERGY AGREEMENT—CER No. 04/08 dated as of
December 22, 2010. On one part, Angélica Agroenergia Ltda, National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF): 07.903.169/0001-09, and the current Corporate Name in the National Corporate Taxpayers Register being
ADECOAGRO VALE DO IVINHEMA LTDA., hereinafter referred to as SELLER, and on the other part, Câmara de Comercialização de Energia Elétrica – CCEE, Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF):
03.034.433/0001-56 simply referred to as CCEE, the subject-matter of the agreement shall be to establish the terms and conditions for contracting electric energy pursuant to SECTION 1 – SUBJECT-MATTER AND EXHIBITS OF THE AGREEMENT within the
term and effectiveness pursuant to SECTION 4—EFFECTIVENESS OF THE AGREEMENT AND PERIOD OF SUPPLY of the respective RESERVE ENERGY AGREEMENT—CER No. 04/08 PRODUCT 2010/2025. 
 ASSIGNOR/DEBTOR: ADECOAGRO VALE DO IVINHEMA LTDA. 
 Corporate Taxpayers Register (CNPJ):
07.903.169/0001-09 
 EXHIBIT II TO 
 PRIVATE INSTRUMENT OF FIDUCIARY ASSIGNMENT OF CREDIT RIGHTS 

NO. 100113030001400A 
 DESCRIPTION OF THE SECURED OBLIGATIONS 
 Transaction(s) – one hundred and ten percent
(110%) of Principal Amount 
  

	 	1)	 Bank Credit Note No. 100113030001400 issued on March 4, 2013 with disbursement on March 5, 2013 and any amendments by ADECOAGRO VALE DO
IVINHEMA LTDA. (hereinafter referred to as DEBTOR) with its principal place of business at Faz Estrada Continental Km 15, no number, Fazenda Takuare, in the City of Angelica, State of Mato Grosso do Sul, enrolled with the National Corporate
Taxpayers Register of the Ministry of Finance (CNPJ/MF): 07.903.169/0001-09 in favor of Banco Itaú BBA S/A (hereinafter referred to as CREDITOR) with its principal place of business at Av. Brigadeiro Faria Lima, 3400, 3rd to 8th and 11th to 12th floors, in the City of São Paulo, State of São Paulo, enrolled with National Corporate Taxpayers
Register of the Ministry of Finance (CNPJ/MF) under No. 17.298.092/0001-30 in the amount of seventy-five thousand Reais (R$75,000,000.00) adjusted at one hundred percent (100%) of the CDI accrued with a rate of three point two thousandths
(3.200000%) per year equivalents to zero point two hundred and sixty-two thousand, eight hundred and thirty-four thousandths percent (0.262834%) per month to be paid in sixty-two (62) installments of interest on March 15, 2019 and
sixty (60) installments of the principal amount, and the maturity date of the first installment shall be April 25, 2014 and the maturity date of the last installment of the principal

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

	 	
amount shall be March 15, 2019, calculated in an exponential manner “pro-rata temporis” based in a three hundred and sixty (360)-day year to be paid pursuant to Section 04 of
such Note, through Electronic Transfer (TED) or debit to checking account, such amount accruing all other charges and obligations undertaken by the DEBTOR in the Note through TED or debit to checking account, such amount accruing all other charges
and obligations undertaken by the DEBTOR in the Note, such as charges resulting from delays by the DEBTOR, default interest at the effective rate of one percent per month (1% pm) plus late payment fee calculated on a daily basis pursuant to the
variation of the Selic Rate of the Central Bank (BC) published by Andima plus one percent per year (1% py). In case of judicial or extrajudicial collection, the DEBTOR shall bear the attorney’s fees, already established by the parties in twenty
percent (20%) on the amount in dispute, regardless of the payment of the principal amount, default interest and any charges and/or expenses provided for in the Note or in the law, such as any attorney’s fees due to the lawyers of the
CREDITOR as contingent fees; 

 ASSIGNOR/DEBTOR: ADECOAGRO VALE DO IVINHEMA LTDA. 

Corporate Taxpayers Register (CNPJ): 07.903.169/0001-09 
 EXHIBIT III TO 
 PRIVATE INSTRUMENT OF FIDUCIARY ASSIGNMENT OF CREDIT RIGHTS

 NO. 100113030001400A 
 São Paulo, March 4, 2013 
 To 
 CÂMARA DE COMERCIALIZAÇÃO DE ENERGIA ELÉTRICA – CCEE 
 Al Santos, 745, 9th floor—São Paulo – SP 
 Ref. Fiduciary Assignment 

Dear Sirs, 
 On March 4, 2013 by means of
the Private Instrument of Fiduciary Assignment of Credit Rights No. 100113030001400A we have transfer under fiduciary assignment in favor of Banco Itaú BBA S.A. (hereinafter referred to as “ITAÚ BBA” or
“CREDITOR”) the totality of the credit rights owned by us against you as a result of RESERVE ENERGY AGREEMENT – CER No. 04/08 PRODUCT 2010/2025 – Reserve Energy Agreement – CER in the Modality of Electric Energy
Availability entered into between UTE Angelica and Câmara de Comercialização de Energia Elétrica – CCEE and the FIRST AMENDMENT TO RESERVE ENERGY AGREEMENT—CER No. 04/08 dated as of December 22, 2010.
On one part, Angélica Agroenergia Ltda., National Corporate Taxpayers Register of the Ministry of Finance (CNPJ/MF): 07.903.169/0001-09, and the current Corporate Name in the National Corporate Taxpayers Register being ADECOAGRO VALE DO
IVINHEMA LTDA, 

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 
hereinafter referred to as SELLER, and on the other part, Câmara de Comercialização de Energia Elétrica – CCEE, Corporate Taxpayers Register of the Ministry of
Finance (CNPJ/MF): 03.034.433/0001-56 simply referred to as CCEE, the subject-matter of the agreement shall be to establish the terms and conditions for contracting electric energy pursuant to SECTION 1 – SUBJECT-MATTER AND EXHIBITS OF THE
AGREEMENT within the term and effectiveness pursuant to SECTION 4—EFFECTIVENESS OF THE AGREEMENT AND PERIOD OF SUPPLY of the respective RESERVE ENERGY AGREEMENT—CER No. 04/08 PRODUCT 2010/2025 executed on February 6, 2009 for the
exclusive purpose of guaranteeing the obligations undertaken by ADECOAGRO VALE FO IVINHEMA LTDA, Corporate Taxpayers Register (CNPJ): 07.903.169/0001-09 before the CREDITOR in the Bank Credit Note No. 100113030001400 dated as of March 4,
2013 with disbursement on March 5, 2013 (“INSTRUMENT”). 
 In view of the foregoing, we request that the fiduciary assignment
herein referred to be registered in your records in favor of the CREDITOR and that the entirety of the credit rights owned against you be realized through deposit to the blocked account owned by us with ITAÚ BBA: 77234-1, Branch 001
(“BLOCKED ACCOUNT”). 
 Lastly, we inform that ITAÚ BBA is hereby authorized to unilaterally change these instructions and any
changes shall only be valid upon communication in writing by ITAÚ BBA to you to that effect. 
 Very truly yours, 

ADEAGRO VALE DO IVINHEMA LTDA 
 Corporate
Taxpayers Register (CNPJ): 07.903.169/0001-09 
 Received and “agreed” on 
 Câmara de Comercialização de Energia Elétrica – CCEE 
 Corporate
Taxpayers Register (CNPJ): 03.034.433/0001-56 

  
 INSTRUMENT:
100113030001400A 
 AUTHENTICATION (SIM-II): 8DE971EC-B57A-4714-91F5-DD6FB797B686 
 IBBA_FIDUCIARYASSIGNMENT_AGREEMENT_CREDITRIGHTS/WITHOUTCOLLECTION 
 _ADECOAGRO_CNPJ07903169

 CASH FLOW SWAP TRANSACTION CONFIRMATION No. 109813030003900 engaged under

 Agreement No. 3290 
  

									
		
	ITAÚ BBA:	    	Banco Itaú BBA S.A.
		
	CLIENT:	    	ADECOAGRO VALE DO IVINHEMA LTDA 07.903.169/0001-09
		
	OPENING DATE:	    	03/04/2013
		
	EFFECTIVE DATE:	    	03/05/2013
		
	MATURITY:	    	03/15/2019
		
	EFFECTIVE PERIOD:	    	DC 2201 DU 1514
		
	NOTIONAL PRINCIPAL AMOUNT:	    	 x  Fixed: R$ 75,000,000.00

 
  ̈  Adjusted by adjustment
factor as follows:
  
 Adjusted Amount = R$ x Adjustment
Factor

					
		    	Adjustment Factor =	  	(  	  	 [Rate, index, or Foreign Currency on the Effective Date]

 
 [Rate, index, or Foreign Currency on the Opening Date
	  	        )
		
		    	 R$ [o]: R$
  

Rate  /Index  /Foreign Currency on the Opening Date:
  

Rate  /Index  /Foreign Currency on the Effective Date:

 CLIENT 

Interest and Principal installments to be paid by the Client under the Agreement 
 Client Interest Installment: amounts resulting from applying to the Adjusted Remaining Amount the following formula for the payment periods and dates shown in the table below: 

VJ(i) = Adjusted Remaining Amount (i) x Interest Factor IPCA (i) 
 where: 
 VJ(i) = amount of the Client Interest Installment
in Event(i) 
 Event(i) = event number “i” of Client interest and/or
principal payment shown in the table below. 
 Adjusted Remaining Amount (i) = is the Remaining Amount shown in
the table below. 
 Interest Factor IPCA(i) = 

 

									
		  	DC (i)	 		  		  	
	Price index adjustment factor IPCA (i) x [(1 + Exponential interest rate)	  	360	 	– 1] where:	  		  	

 Price Index Adjustment Factor IPCA(i) = calculated under the Agreement, as the factor
resulting from dividing the amount of the latest IPCA index available on each Interest Installment Payment Date of Client by the amount of the IPCA index available on the Effective Date. 

 Exponential Interest Rate= 6.450000% per year (base 360 DC(i))

 DC(i) = number of calendar days in the Client Interest Installment Calculation Period
relating to Event(i), including the first date and excluding the last date of each Client Interest Installment Calculation Period shown in the table below: 

Client Principal Installments: amounts shown in the table below multiplied by the Adjustment Factor and adjusted under Price Index
Adjustment Factor IPCA (i), calculated under the Agreement, as the factor resulting from dividing the amount of the latest IPCA index available on each Client Principal Installment Payment Date by the amount of the IPCA
index available on the Effective Date 
  

													
	 Event
 (i)
	  	Client
Interest
and/or
Principal
Installment

Payment
Dates	  	Client
Interest
Installments	  	Equivalent
Interest Rate
(exponential
base 360
calendar
days) %	  	 Client

Interest

Installment

Calculation

Periods
	  	Remaining
Amount (R$)	  	Client
Principal
Installments
(R$)
							
	1	  	09/16/2013	  	VJ(1)	  	6.450000	  	03/05/2013 to 09/16/2013	  	75,000,000.00	  	0.00
							
	2	  	03/17/2014	  	VJ(2)	  	6.450000	  	09/16/2013 to 03/17/2014	  	75,000,000.00	  	0.00
							
	3	  	04/15/2014	  	VJ(3)	  	6.450000	  	03/17/2014 to 04/15/2014	  	75,000,000.00	  	1,250,000.00
							
	4	  	05/15/2014	  	VJ(4)	  	6.450000	  	04/15/2014 to 05/15/2014	  	73,750,000.00	  	1,250,000.00
							
	5	  	06/16/2014	  	VJ(5)	  	6.450000	  	05/15/2014 to 06/16/2014	  	72,500,000.00	  	1,250,000.00
							
	6	  	07/15/2014	  	VJ(6)	  	6.450000	  	06/16/2014 to 07/15/2014	  	71,250,000.00	  	1,250,000.00
							
	7	  	08/15/2014	  	VJ(7)	  	6.450000	  	07/15/2014 to 08/15/2014	  	70,000,000.00	  	1,250,000.00
							
	8	  	09/15/2014	  	VJ(8)	  	6.450000	  	08/15/2014 to 09/15/2014	  	68,750,000.00	  	1,250,000.00
							
	9	  	10/15/2014	  	VJ(9)	  	6.450000	  	09/15/2014 to 10/15/2014	  	67,500,000.00	  	1,250,000.00
							
	10	  	11/17/2014	  	VJ(10)	  	6.450000	  	10/15/2014 to 11/17/2014	  	66,250,000.00	  	1,250,000.00
							
	11	  	12/15/2014	  	VJ(11)	  	6.450000	  	11/17/2014 to 12/15/2014	  	65,000,000.00	  	1,250,000.00
							
	12	  	01/15/2015	  	VJ(12)	  	6.450000	  	12/15/2014 to 01/15/2015	  	63,750,000.00	  	1,250,000.00
							
	13	  	02/18/2015	  	VJ(13)	  	6.450000	  	01/15/2015 to 02/18/2015	  	62,500,000.00	  	1,250,000.00
							
	14	  	03/16/2015	  	VJ(14)	  	6.450000	  	02/18/2015 to 03/16/2015	  	61,250,000.00	  	1,250,000.00

													
							
	15	  	04/15/2015	  	VJ(15)	  	6.450000	  	03/16/2015 to 04/15/2015	  	60,000,000.00	  	1,250,000.00
							
	16	  	05/15/2015	  	VJ(16)	  	6.450000	  	04/15/2015 to 05/15/2015	  	58,750,000.00	  	1,250,000.00
							
	17	  	06/15/2015	  	VJ(17)	  	6.450000	  	05/15/2015 to 06/15/2015	  	57,500,000.00	  	1,250,000.00
							
	18	  	07/15/2015	  	VJ(18)	  	6.450000	  	06/15/2015 to 07/15/2015	  	56,250,000.00	  	1,250,000.00
							
	19	  	08/17/2015	  	VJ(19)	  	6.450000	  	07/15/2015 to 08/17/2015	  	55,000,000.00	  	1,250,000.00
							
	20	  	09/15/2015	  	VJ(20)	  	6.450000	  	08/17/2015 to 09/15/2015	  	53,750,000.00	  	1,250,000.00
							
	21	  	10/15/2015	  	VJ(21)	  	6.450000	  	09/15/2015 to 10/15/2015	  	52,500,000.00	  	1,250,000.00
							
	22	  	11/16/2015	  	VJ(22)	  	6.450000	  	10/15/2015 to 11/16/2015	  	51,250,000.00	  	1,250,000.00
							
	23	  	12/15/2015	  	VJ(23)	  	6.450000	  	11/16/2015 to 12/15/2015	  	50,000,000.00	  	1,250,000.00
							
	24	  	01/15/2016	  	VJ(24)	  	6.450000	  	12/15/2015 to 01/15/2016	  	48,750,000.00	  	1,250,000.00
							
	25	  	02/15/2016	  	VJ(25)	  	6.450000	  	01/15/2016 to 02/15/2016	  	47,500.000.00	  	1,250,000.00
							
	26	  	03/15/2016	  	VJ(26)	  	6.450000	  	02/15/2016 to 03/15/2016	  	46,250,000.00	  	1,250,000.00
							
	27	  	15/04/2016	  	VJ(27)	  	6.450000	  	03/15/2016 to 04/15/2016	  	45,000,000.00	  	1,250,000.00
							
	28	  	05/16/2016	  	VJ(28)	  	6.450000	  	04/15/2016 to 05/16/2016	  	43,750,000.00	  	1,250,000.00
							
	29	  	06/15/2016	  	VJ(29)	  	6.450000	  	05/16/2016 to 06/15/2016	  	42,500,000.00	  	1,250,000.00
							
	30	  	07/15/2016	  	VJ(30)	  	6.450000	  	06/15/2016 to 07/15/2016	  	41,250,000.00	  	1,250,000.00
							
	31	  	08/15/2016	  	VJ(31)	  	6.450000	  	07/15/2016 to 08/15/2016	  	40,000,000.00	  	1,250,000.00
							
	32	  	09/15/2016	  	VJ(32)	  	6.450000	  	08/15/2016 to 09/15/2016	  	38,750,000.00	  	1,250,000.00
							
	33	  	10/17/2016	  	VJ(33)	  	6.450000	  	09/15/2016 to 10/17/2016	  	37,500,000.00	  	1,250,000.00
							
	34	  	11/16/2016	  	VJ(34)	  	6.450000	  	10/17/2016 to 11/16/2016	  	36,250,000.00	  	1,250,000.00

													
							
	35	  	12/15/2016	  	VJ(35)	  	6.450000	  	11/16/2016 to 12/15/2016	  	35,000,000.00	  	1,250,000.00
							
	36	  	01/16/2017	  	VJ(36)	  	6.450000	  	12/15/2016 to 01/16/2017	  	33,750,000.00	  	1,250,000.00
							
	37	  	02/15/2017	  	VJ(37)	  	6.450000	  	01/16/2017 to 02/15/2017	  	32,500,000.00	  	1,250,000.00
							
	38	  	03/15/2017	  	VJ(38)	  	6.450000	  	02/15/2017 to 03/15/2017	  	31,250,000.00	  	1,250,000.00
							
	39	  	04/17/2017	  	VJ(39)	  	6.450000	  	03/15/2017 to 04/17/2017	  	30,000,000.00	  	1,250,000.00
							
	40	  	05/15/2017	  	VJ(40)	  	6.450000	  	04/17/2017 to 05/15/2017	  	28,750,000.00	  	1,250,000.00
							
	41	  	06/16/2017	  	VJ(41)	  	6.450000	  	05/15/2017 to 06/16/2017	  	27,500,000.00	  	1,250,000.00
							
	42	  	07/17/2017	  	VJ(42)	  	6.450000	  	06/16/2017 to 07/17/2017	  	26,250,000.00	  	1,250,000.00
							
	43	  	08/15/2017	  	VJ(43)	  	6.450000	  	07/17/2017 to 08/15/2017	  	25,000,000.00	  	1,250,000.00
							
	44	  	09/15/2017	  	VJ(44)	  	6.450000	  	08/15/2017 to 09/15/2017	  	23,750,000.00	  	1,250,000.00
							
	45	  	10/16/2017	  	VJ(45)	  	6.450000	  	09/15/2017 to 10/16/2017	  	22,500,000.00	  	1,250,000.00
							
	46	  	11/16/2017	  	VJ(46)	  	6.450000	  	10/16/2017 to 11/16/2017	  	21,250,000.00	  	1,250,000.00
							
	47	  	12/15/2017	  	VJ(47)	  	6.450000	  	11/16/2017 to 12/15/2017	  	20,000,000.00	  	1,250,000.00
							
	48	  	01/15/2018	  	VJ(48)	  	6.450000	  	12/15/2017 to 01/15/2018	  	18,750,000.00	  	1,250,000.00
							
	49	  	02/15/2018	  	VJ(49)	  	6.450000	  	01/15/2018 to 02/15/2018	  	17.500.000,00	  	1,250,000.00
							
	50	  	03/15/2018	  	VJ(50)	  	6.450000	  	02/15/2018 to 03/15/2018	  	16,250,000.00	  	1,250,000.00
							
	51	  	04/16/2018	  	VJ(51)	  	6.450000	  	03/15/2018 to 04/16/2018	  	15,000,000.00	  	1,250,000.00
							
	52	  	05/15/2018	  	VJ(52)	  	6.450000	  	04/16/2018 to 05/15/2018	  	13,750,000.00	  	1,250,000.00
							
	53	  	06/15/2018	  	VJ(53)	  	6.450000	  	05/15/2018 to 06/15/2018	  	12,500,000.00	  	1,250,000.00
							
	54	  	07/16/2018	  	VJ(54)	  	6.450000	  	06/15/2018 to 07/16/2018	  	11,250,000.00	  	1,250,000.00
							
	55	  	08/15/2018	  	VJ(55)	  	6.450000	  	07/16/2018 to 08/15/2018	  	10,000.000.00	  	1,250,000.00

													
							
	56	  	09/17/2018	  	VJ(56)	  	6.450000	  	08/15/2018 to 09/17/2018	  	8,750,000.00	  	1,250,000.00
							
	57	  	10/15/2018	  	VJ(57)	  	6.450000	  	09/17/2018 to 10/15/2018	  	7,500,000.00	  	1,250,000.00
							
	58	  	11/16/2018	  	VJ(58)	  	6.450000	  	10/15/2018 to 11/16/2018	  	6,250,000.00	  	1,250,000.00
							
	59	  	12/17/2018	  	VJ(59)	  	6.450000	  	11/16/2018 to 12/17/2018	  	5,000,000.00	  	1,250,000.00
							
	60	  	01/15/2019	  	VJ(60)	  	6.450000	  	12/17/2018 to 01/15/2019	  	3,750,000.00	  	1,250,000.00
							
	61	  	02/15/2019	  	VJ(61)	  	6.450000	  	01/15/2019 to 02/15/2019	  	2,500,000.00	  	1,250,000.00
							
	62	  	03/15/2019	  	VJ(62)	  	6.450000	  	02/15/2019 to 03/15/2019	  	1,250,000.00	  	1,250,000.00

 ITAÚ BBA 
 Interest and Principal installments to be paid by ITAÚ BBA under the Agreement 

ITAÚ BBA Interest Installments: amount resulting from applying to the Adjusted Remaining Amount the following formula for the payment
periods and dates shown in the table below: 
 VJ(i) = Adjusted Remaining Amount(i) x [ Interest Factor CDI(i) -1] 

where: 
 VJ(i) = amount of
ITAÚ BBA Interest Installment in Event(i) 
 Event(i) =
event number “i” of interest and/or principal payment of ITAÚ BBA shown in the table below: 
 Adjusted Remaining Amount (i) = is the Remaining Amount shown in the table below 
  

											
	 	  	 DC (i)
	  	 	  	 	  	 	  	 
	  	360	  	  	  	  
	Interest Factor CDI(i) = Adjustment Factor CDI (i) x [(1+ Exponential Interest Rate)	  		  	]	  		  		  	

 Adjustment Factor CDI(i) = calculated under the Agreement for each period
relating to the Event(i) using the CDI Percentage shown below: 
 CDI Percentage= 100.00%

 Exponential Interest Rate= 3.200000% per year (base 360 DC(i)) 

DC(i) = number of calendar days in the Itaú BBA Interest Installment Calculation Period
relating to Event(i), including the first date and excluding the last date of each Itaú BBA Interest Installment Calculation Period shown in the table below. 

ITAÚ BBA Principal Installments: amounts shown in the table below multiplied by the Adjustment Factor: 

													
	 Event
 (i)
	  	ITAÚ
BBA
Interest
and/or
Principal
Installment
Payment
Dates	  	ITAÚ
BBA
Interest
Installments
	  	Equivalent
Interest Rate
(exponential
base 360
calendar
days) %	  	 ITAÚ
BBA
Interest
Installment
Calculation
Periods
	  	ITAÚ BBA
Remaining
Amount	  	ITAÚ BBA
Principal
Installments
(R$)
							
	1	  	09/16/2013	  	VJ(1)	  	3.200000	  	03/05/2013 to 09/16/2013	  	75,000,000.00	  	0.00
							
	2	  	03/17/2014	  	VJ(2)	  	3.200000	  	09/16/2013 to 03/17/2014	  	75,000,000.00	  	0.00
							
	3	  	04/15/2014	  	VJ(3)	  	3.200000	  	03/17/2014 to 04/15/2014	  	75,000,000.00	  	1,250,000.00
							
	4	  	05/15/2014	  	VJ(4)	  	3.200000	  	04/15/2014 to 05/15/2014	  	73,750,000.00	  	1,250,000.00
							
	5	  	06/16/2014	  	VJ(5)	  	3.200000	  	05/15/2014 to 06/16/2014	  	72,500,000.00	  	1,250,000.00
							
	6	  	07/15/2014	  	VJ(6)	  	3.200000	  	06/16/2014 to 07/15/2014	  	71,250,000.00	  	1,250,000.00
							
	7	  	08/15/2014	  	VJ(7)	  	3.200000	  	07/15/2014 to 08/15/2014	  	70,000,000.00	  	1,250,000.00
							
	8	  	09/15/2014	  	VJ(8)	  	3.200000	  	08/15/2014 to 09/15/2014	  	68,750,000.00	  	1,250,000.00
							
	9	  	10/15/2014	  	VJ(9)	  	3.200000	  	09/15/2014 to 10/15/2014	  	67,500,000.00	  	1,250,000.00
							
	10	  	11/17/2014	  	VJ(10)	  	3.200000	  	10/15/2014 to 11/17/2014	  	66,250,000.00	  	1,250,000.00
							
	11	  	12/15/2014	  	VJ(11)	  	3.200000	  	11/17/2014 to 12/15/2014	  	65,000,000.00	  	1,250,000.00
							
	12	  	01/15/2015	  	VJ(12)	  	3.200000	  	12/15/2014 to 01/15/2015	  	63.750.000,00	  	1,250,000.00
							
	13	  	02/18/2015	  	VJ(13)	  	3.200000	  	01/15/2015 to 02/18/2015	  	62,500,000.00	  	1,250,000.00
							
	14	  	03/16/2015	  	VJ(14)	  	3.200000	  	02/18/2015 to 03/16/2015	  	61,250,000.00	  	1,250,000.00
							
	15	  	04/15/2015	  	VJ(15)	  	3.200000	  	03/16/2015 to 04/15/2015	  	60,000,000.00	  	1,250,000.00
							
	16	  	05/15/2015	  	VJ(16)	  	3.200000	  	04/15/2015 to 05/15/2015	  	58,750,000.00	  	1,250,000.00
							
	17	  	06/15/2015	  	VJ(17)	  	3.200000	  	05/15/2015 to 06/15/2015	  	57,500,000.00	  	1,250,000.00
							
	18	  	07/15/2015	  	VJ(18)	  	3.200000	  	06/15/2015 to 07/15/2015	  	56,250,000.00	  	1,250,000.00

													
							
	19	  	08/17/2015	  	VJ(19)	  	3.200000	  	07/15/2015 to 08/17/2015	  	55,000,000.00	  	1,250,000.00
							
	20	  	09/15/2015	  	VJ(20)	  	3.200000	  	08/17/2015 to 09/15/2015	  	53,750,000.00	  	1,250,000.00
							
	21	  	10/15/2015	  	VJ(21)	  	3.200000	  	09/15/2015 to 10/15/2015	  	52,500,000.00	  	1,250,000.00
							
	22	  	11/16/2015	  	VJ(22)	  	3.200000	  	10/15/2015 to 11/16/2015	  	51,250,000.00	  	1,250,000.00
							
	23	  	12/15/2015	  	VJ(23)	  	3.200000	  	11/16/2015 to 12/15/2015	  	50,000,000.00	  	1,250,000.00
							
	24	  	01/15/2016	  	VJ(24)	  	3.200000	  	12/15/2015 to 01/15/2016	  	48,750,000.00	  	1,250,000.00
							
	25	  	02/15/2016	  	VJ(25)	  	3.200000	  	01/15/2016 to 02/15/2016	  	47,500,000.00	  	1,250,000.00
							
	26	  	03/15/2016	  	VJ(26)	  	3.200000	  	02/15/2016 to 03/15/2016	  	46,250,000.00	  	1,250,000.00
							
	27	  	04/15/2016	  	VJ(27)	  	3.200000	  	03/15/2016 to 04/15/2016	  	45,000,000.00	  	1,250,000.00
							
	28	  	05/16/2016	  	VJ(28)	  	3.200000	  	04/15/2016 to 05/16/2016	  	43,750,000.00	  	1,250,000.00
							
	29	  	06/15/2016	  	VJ(29)	  	3.200000	  	05/16/2016 to 06/15/2016	  	42,500,000.00	  	1,250,000.00
							
	30	  	07/15/2016	  	VJ(30)	  	3.200000	  	06/15/2016 to 07/15/2016	  	41,250,000.00	  	1,250,000.00
							
	31	  	08/15/2016	  	VJ(31)	  	3.200000	  	07/15/2016 to 08/15/2016	  	40,000,000.00	  	1,250,000.00
							
	32	  	09/15/2016	  	VJ(32)	  	3.200000	  	08/15/2016 to 09/15/2016	  	38,750,000.00	  	1,250,000.00
							
	33	  	10/17/2016	  	VJ(33)	  	3.200000	  	09/15/2016 to 10/17/2016	  	37,500,000.00	  	1,250,000.00
							
	34	  	11/16/2016	  	VJ(34)	  	3.200000	  	10/17/2016 to 11/16/2016	  	36,250,000.00	  	1,250,000.00
							
	35	  	12/15/2016	  	VJ(35)	  	3.200000	  	11/16/2016 to 12/15/2016	  	35,000,000.00	  	1,250,000.00
							
	36	  	01/16/2017	  	VJ(36)	  	3.200000	  	12/15/2016 to 01/16/2017	  	33,750,000.00	  	1,250,000.00
							
	37	  	02/15/2017	  	VJ(37)	  	3.200000	  	01/16/2017 to 02/15/2017	  	32,500,000.00	  	1,250,000.00
							
	38	  	03/15/2017	  	VJ(38)	  	3.200000	  	02/15/2017 to 03/15/2017	  	31,250,000.00	  	1,250,000.00

													
							
	39	  	04/17/2017	  	VJ(39)	  	3.200000	  	03/15/2017 to 04/17/2017	  	30,000,000.00	  	1,250,000.00
							
	40	  	05/15/2017	  	VJ(40)	  	3.200000	  	04/17/2017 to 05/15/2017	  	28,750,000.00	  	1,250,000.00
							
	41	  	06/16/2017	  	VJ(41)	  	3.200000	  	05/15/2017 to 06/16/2017	  	27,500,000.00	  	1,250,000.00
							
	42	  	07/17/2017	  	VJ(42)	  	3.200000	  	06/16/2017 to 07/17/2017	  	26,250,000.00	  	1,250,000.00
							
	43	  	08/15/2017	  	VJ(43)	  	3.200000	  	07/17/2017 to 08/15/2017	  	25,000,000.00	  	1,250,000.00
							
	44	  	09/15/2017	  	VJ(44)	  	3.200000	  	08/15/2017 to 09/15/2017	  	23,750,000.00	  	1,250,000.00
							
	45	  	10/16/2017	  	VJ(45)	  	3.200000	  	09/15/2017 to 10/16/2017	  	22,500,000.00	  	1,250,000.00
							
	46	  	11/16/2017	  	VJ(46)	  	3.200000	  	10/16/2017 to 11/16/2017	  	21,250,000.00	  	1,250,000.00
							
	47	  	12/15/2017	  	VJ(47)	  	3.200000	  	11/16/2017 to 12/15/2017	  	20,000,000.00	  	1,250,000.00
							
	48	  	01/15/2018	  	VJ(48)	  	3.200000	  	12/15/2017 to 01/15/2018	  	18,750,000.00	  	1,250,000.00
							
	49	  	02/15/2018	  	VJ(49)	  	3.200000	  	01/15/2018 to 02/15/2018	  	17,500,000.00	  	1,250,000.00
							
	50	  	03/15/2018	  	VJ(50)	  	3.200000	  	02/15/2018 to 03/15/2018	  	16,250,000.00	  	1,250,000.00
							
	51	  	04/16/2018	  	VJ(51)	  	3.200000	  	03/15/2018 to 04/16/2018	  	15,000,000.00	  	1,250,000.00
							
	52	  	05/15/2018	  	VJ(52)	  	3.200000	  	04/16/2018 to 05/15/2018	  	13,750,000.00	  	1,250,000.00
							
	53	  	06/15/2018	  	VJ(53)	  	3.200000	  	05/15/2018 to 06/15/2018	  	12,500,000.00	  	1,250,000.00
							
	54	  	07/16/2018	  	VJ(54)	  	3.200000	  	06/15/2018 to 07/16/2018	  	11,250,000.00	  	1,250,000.00
							
	55	  	08/15/2018	  	VJ(55)	  	3.200000	  	07/16/2018 to 08/15/2018	  	10,000,000.00	  	1,250,000.00
							
	56	  	09/17/2018	  	VJ(56)	  	3.200000	  	08/15/2018 to 09/17/2018	  	8,750,000.00	  	1,250,000.00
							
	57	  	10/15/2018	  	VJ(57)	  	3.200000	  	09/17/2018 to 10/15/2018	  	7,500,000.00	  	1,250,000.00
							
	58	  	11/16/2018	  	VJ(58)	  	3.200000	  	10/15/2018 to 11/16/2018	  	6,250.000.00	  	1,250,000.00
							
	59	  	12/17/2018	  	VJ(59)	  	3.200000	  	11/16/2018 to 12/17/2018	  	5,000,000.00	  	1,250,000.00

													
							
	60	  	01/15/2019	  	VJ(60)	  	3.200000	  	12/17/2018 to 01/15/2019	  	3,750,000.00	  	1,250,000.00
							
	61	  	02/15/2019	  	VJ(61)	  	3.200000	  	01/15/2019 to 02/15/2019	  	2,500,000.00	  	1,250,000.00
							
	62	  	03/15/2019	  	VJ(62)	  	3.200000	  	02/15/2019 to 03/15/2019	  	1,250,000.00	  	1,250,000.00

 BM&F CLAUSE: x applicable
 ̈ not applicable 
 Others: 
 Representations: 
 (1) In addition to the representations contained in the Agreement,
CLIENT represents that it understood and agrees with all terms of this CONFIRMATION and that, therefore, knows that due to the risks assumed under this TRANSACTION it may be subject to negative adjustments and become a debtor of
ITAÚ BBA. 
 (2) ITAÚ BBA acts in the normal course of business in a significant manner in the markets in which the
underlying assets, limits, checkers, conditions and rights under this TRANSACTION are traded, and also hedges its positions by means of transactions contracted in such markets. In this context, CLIENT represents that it is aware that
such transactions performed by ITAÚ BBA may indirectly affect or even contribute, occasionally and not intentionally, for the limits, checks, conditions precedent, termination conditions or waiver rights mentioned above to be affected.

 (3) CLIENT by its undersigned legal representatives represents that the TRANSACTION under this CONFIRMATION has been
examined and approved by the officers with powers to assume the obligations set forth herein. 
 (4) CLIENT acknowledges that this
TRANSACTION is a risky business. As a result, its results are unpredictable, and this agreement is a random agreement as set forth in Section 458 et seq. of the Brazilian Civil Code. 

 

					
	CLIENT	  	ITAÚ BBA	  	

 INTERVENING GUARANTOR: 
 ADECOAGRO BRASIL PARTICIPACOES S.A. 
 WITNESSES: 

 EXHIBIT I 
 CASH FLOW SWAP TRANSACTION CONFIRMATION No. 109813030003900 contracted under Agreement No. 3290 
 “CHOICE OF LAW AND COMMITMENT CLAUSE. This CONFIRMATION shall be governed by the laws of Brazil. Any disputes directly or indirectly relating to this CONFIRMATION or arising from the
interpretation or application hereof shall be finally settled by arbitration under the Arbitration Rules of the Arbitration and Mediation Center of the Brazil-Canada Chamber of Commerce (“CCBC”) by three arbitrators appointed in accordance
with such rules, except for changes in this commitment clause or as agreed in writing by the Parties. The arbitration proceeding shall be conducted by the CCBC. Acknowledging that the obligations of the Parties under the Agreement or any exhibits,
appendixes and guarantees thereto or any CONFIRMATIONS relating to any of the OPERATIONS are within the same economic context, the Parties shall make all requests directly or indirectly relating to the legal affairs mentioned above under the same
arbitration proceeding. The jurisdiction of the arbitration shall be the city of São Paulo, Brazil. The arbitration shall be conducted in the Portuguese language. The arbitration shall be carried out under the law, not equity. The arbitration
award shall be issued within forty-five (45) days from expiration of the term fixed for the Parties to submit their final arguments. The Parties may, before submitting the case records to the Arbitral Tribunal, and later, under proper
circumstances, request that the relevant court imposes an injunctive or provisional relief at its sole discretion. A request made by either Party with a court to obtain such orders or enforce similar actions ordered by an Arbitral Tribunal shall not
be deemed to be a violation or waiver of the arbitration clause and shall not affect the authority of the Arbitral Tribunal in this respect, including review of the court order. The relevant jurisdiction in these cases shall be the Judicial District
of the Capital City of São Paulo. The Parties shall not disclose the arbitral proceeding or the purpose thereof, and shall keep in secret all information directly or indirectly relating to the dispute referred to arbitration, except if such
disclosure is required by law or court order. This clause shall bind the Parties and the INTERVENING GUARANTORS under all of its provisions. If the INTERVENING GUARANTORS take part in the dispute, they shall appoint an arbitrator jointly with
CLIENT. If the Parties fail to reach an agreement, the Chairman of CCBC shall appoint such arbitrator.” 
  

					
	CLIENT	  	ITAÚ BBA	  	

 INTERVENING GUARANTOR: 
 ADECOAGRO BRASIL PARTICIPACOES S.A. 
 WITNESSES:EX-10.3

 Exhibit 10.3 
 EXPORT CREDIT NOTE 
 No. 100113030001400 

I – PREAMBLE 
  

					
	Field I – ISSUER OF THE EXPORT CREDIT NOTE
	 Corporate Name: ADECOAGRO VALE DO IVINHEMA
LTDA
	  	National Corporate Taxpayers
Register of the Ministry of Finance
(CNPJ/MF):
07.903.169/0001-09
	
Address: FAZ ESTRADA CONTINENTAL KM 15 SN FAZENDA TAKUARE, ZONA
RURAL

									
	 City: ANGELICA
	 		 	State: MS    	 	                 
   State: MS
	 E-mail:
	 		 	Telephone:  	 	                 
   Fax:

					
	Field II – CO-OBLIGOR SURETIES
	 ADECOAGRO BRASIL PARTICIPACOES SA – CNPJ/MF: 07.835.579/0001-51 –
 Address: R IGUATEMI
192 FLOOR 12 – ITAIM BIBI –POSTAL CODE: 01451-010 – SAO PAULO – SP

	Field III
– GUARANTEES
	 Fiduciary Assignment of Credit
Rights
	 	 	  	 
	Field IV
– EXPORT CREDIT NOTE CHARACTERISTICS

									
	PRINCIPAL
AMOUNT:	 	 	 	CHARGES:	 	 	  	ISSUANCE DATE:
	 			 	 
	
seventy-five million Reais (R$75,000,000.00)
  

NET AMOUNT OF
CREDIT:
  
 Per Request (defined below)
	 		 	 INTEREST

 
 a) INTEREST RATE:
100.00% (one hundred percent) of the compound CDI with a fixed rate of 3.200000% p.a. (three point two hundred million per annum), equivalent to 0.262834% p.m. (zero point two hundred and sixty-two thousand eight hundred and thirty-four percent per
month).
  
 EXPENSES:

 
 Cost of registration and formalization of this Note according to the
Section “Expenses”.
	 	 	  	 March 4, 2013

 

	 	 	 	  	
DISBURSEMENT DATE:

 
 March 5, 2013

 

	 	 	 	  	 PLACE
OF PAYMENT:
  

SÃO PAULO

	
TAXES: 
  

a) FINANCIAL

TRANSACTIONS
 TAX/CREDIT: Exempt
(Art. 2 of Law No. 6313/75 and Art. 9, IV, of Decree 6306/07.
  
 b)
OTHER TAXES: NONE.
 The provisions in the Section “Payment of Taxes” apply to new taxes and potential
increases.
	 	 	 	 	  	
MATURITY OF THIS NOTE:

Pursuant to Exhibit I

	Field V
– ISSUER’S CURRENT ACCOUNT – DEBIT
	
Bank
 Itaú Unibanco S.A. – No.
 341.
	 	 	 	 Branch
 5602
	 	 	  	 Current Account Number

01632-0

	Field VI
– CURRENT ACCOUNT FOR RELEASE
	 Current accounts held by the ISSUER and indicated in the respective Requests (defined

below)

 II - SECTIONS  
 SECTION 01. Commitment to pay - ISSUER, qualified above in the Preamble (hereinafter “ISSUER”), shall pay at the Place of Payment (indicated above), pursuant to this
counterpart of EXPORT CREDIT NOTE No. 100113030001400 (“Note”), issued in accordance with prevailing laws, to BANCO ITAU BBA SA (hereinafter simply “LENDER”), financial institution with headquarters in
the city of São Paulo, state of São Paulo, at AV BRIG FARIA LIMA, 3400, 3RD TO 8TH AND
11TH AND 12TH FLOORS, enrolled with the National Corporate Taxpayers Register of
the Ministry of Finance under CNPJ/MF No. 17.298.092/0001-30, or to its order, in installments or not, as provided in this Note and in the Principal and Interest Payment Schedule (“PAYMENT SCHEDULE”) included in exhibit I
(“MATURITY”), the net, due and payable debt in money, corresponding total amount used under this Note plus the other Charges, Taxes and Expenses agreed herein (together, “AMOUNT”), subject to the provisions in the
Sections set out below. 
 SECTION 02. Subject-matter, release and investment of the credit - The subject-matter of this Note is the
extension by LENDER of financing for use by ISSUER EXCLUSIVELY: (i) in the financing for export of goods and/or services; (ii) in the production of goods intended for export; or (iii) in support and supplementary
activities that are an integral part of and essential for the export, pursuant to the budget set out in Exhibit II to this Note (hereinafter referred to simply as “BUDGET”), the content of which is an integral part of
this Note. The financing agreed to herein shall be made after a disbursement request to be issued by ISSUER to LENDER in the form of Exhibit III (the “Request”, which shall be presented by 3:00 p.m. of the intended date of
disbursement) or as otherwise permitted or not prohibited by the rules then in effect. 
 Paragraph One - Exemption from I.O.F./Credit
- ISSUER states that it satisfies all the requirements under the law to enjoy the benefit of exemption from the Credit Transactions Tax (I.O.F./Credit) in this Note, especially that it will use the funds solely in activities provided for
in the BUDGET, bearing responsibility solely and fully for any mischaracterization of the situation of exemption and collection of this and other taxes by the tax authorities, as well as any penalties and statutory increases. 

Paragraph Two - After issuance of the Request and deduction of taxes and charges due in advance, as applicable, the Amount of Principal mentioned
in the Preamble shall be credited directly to the Current Accounts for Release held by ISSUER, specified in the Preamble or shall be transferred to the ISSUER by bank transfer instruments permitted by the Brazilian Central Bank.

 Paragraph Three - Provided the terms of this Note are observed and provided there is compliance with the ISSUER’S
instructions, the transfer made by LENDER to the ISSUER’S credit or use of the other legal means of transfer shall characterize the use of the financing agreed herein. 
 Paragraph Four - The Exhibits and other documents issued in the form thereof are an integral part hereof. 

 Paragraph Five - Only in cases where the Disbursement Date is subsequent to the Issuance Date of this
Note, the disbursement to be made by LENDER shall be conditioned on the non-occurrence (i) of any of the events set forth in the Section “Early Maturity”; or, to the reasonable opinion of LENDER, (ii) of any adverse
and material change in the domestic or international political, financial or economic conditions, exchange controls, interest, currency, exchange or interest rates, which may prevent, alone, maintenance of the financing agreed hereunder; and
(iii) of noncompliance with the Social and Environmental Law, as defined in a specific provision, below, especially, without limitation, the law and regulation relating to occupational health and safety and to the environment, as well as
failure by ISSUER to encourage prostitution, in any form, and also failure to use in its activities child labor and/or labor in conditions analogous to slavery. 
 Paragraph Six - Oversight of the investment of the funds - LENDER is entitled to perform the broadest oversight of the use of the financing provided by this Note. For this purpose,
ISSUER agrees to present, when requested by LENDER and within two (02) business days any supporting documents of this use, as well as to allow the physical inspection of its places of business by persons indicated by
LENDER. 
 Paragraph Seven - The expenses incurred by LENDER with the inspection mentioned in this Section shall be fully
supported by ISSUER, which agrees to reimburse LENDER within at most two (02) business days after presentation of proof of these expenses. 
 Paragraph Eight - Prohibition on new financing - ISSUER declares that it did not obtain—and agrees not to obtain or raise in the future—financing or funds by means of other
instruments available in the financial market related (i) to exports, (ii) to the production of goods for export; or (iii) to the support and supplementary activities that are an integral part of and essential for the export in which
the funds obtained through this Note will be obtained, under penalty of early maturity and mischaracterization of this Note. 
 Paragraph
Nine - Delivery of documents - ISSUER shall submit to LENDER, within up to ninety (90) days after each date of repayment installment provided under the PAYMENT SCHEDULE, supporting documents of the use of the
funds of this Note in the activities contemplated in section 02 above, such as: (a) whenever the credit is designed for export financing, (i) in the event of export of goods, electronic list of the Export Registration (RE) and of the
Remittance Request (SD) proving the export and/or any other document relating to the exported goods, such as copies of the bill of lading, of the business invoice, of the certificates, of the withdrawals and others; (ii) in the event of export
of services, copies of the services agreement executed with the contractor abroad, fully valid and effective or service invoices in the name of the foreign counterpart or, furthermore, in the name of a domestic intermediary, but on account and to
the order of the contractor abroad proving the export and/or any other document relating to the exported services, pursuant to the provisions of the Exchange and International Capital Market Regulation and of the applicable law; and/or
(b) whenever the credit is designed to finance the production of goods for export or the engagement in supporting and supplementary activities that are an 

 
integral part of and essential for export, copies of the business invoice relating to the sale of products/input or the documents relating to the provisions of services relating to the end
product to be exported; (the documents described in items “(a)” and “(b)” above are collectively defined as “Supporting Documents”). The Supporting Documents described in this paragraph shall correspond to
exports the production of goods for export or support and supplementary activities, as the case may be, carried out after issuance of this Note and in a period between ninety (90) days before and ninety (90) days after the date(s) of
repayment of principal defined in the PAYMENT SCHEDULE, in an amount at least equal to the corresponding repayment.            
 Paragraph Ten - For purposes of the support listed in Paragraph Nine of this Section and Paragraph Seven of Section 04, the equivalent in national currency of the Supporting Documents shall be
calculated by averaging the exchange rates for sale of the U.S. dollar practiced on the Open Exchange Rate Market on the business day immediately preceding the issuance date of this Note, which average is disclosed by the Exchange Transactions
Integrated Registration System (Exchange System) of the Brazilian Central Bank, under PTAX 800 Code—Option 5, Quotes for Accounting. 

Paragraph Eleven - Correct investment of funds - The ISSUER (i) declares that the funds released by LENDER under this
Note shall be used for the financing described in the head paragraph; (ii) assumes responsibility on an irrevocable and irreversible basis for the correctness and veracity of the declarations made in this Note, in the Request and in the
BUDGET, as well as for any losses, damages, harm and impacts, including tax, that may result from the incorrectness or falsity of the same. 
 SECTION 03. Financial charges and other accruals - On the Principal Amount, ISSUER shall pay the Interest mentioned in the Preamble, which shall be capitalized, without prejudice to payment
of the other charges and taxes agreed in the Preamble and in the other Sections of this Note. The Interest may be charged at a prefixed or post-fixed rate. 
 Paragraph One - The interest shall be capitalized daily, i.e, it shall be calculated exponentially on a pro rata temporis basis by means of application of the Interest Rate informed in the
Preamble to the outstanding balance of the Principal Amount as from the Disbursement Date. The daily capitalization shall be defined as the result obtained by means of the accrual, in the form of composed capitalization, of the percentage of the
average rate of the composed CDI with the fixed rate (both informed in the Preamble), it being understood that (i) the percentage of the CDI shall be calculated on the basis of the annual average rate (considering a 252-day year) relating to
transactions with Interfinancial Deposit Certificates (“CDI”) with a term equal to one (1) business day (over), as calculated and disclosed by the CETIP S.A. Balcão Organizado de Ativos e Derivativos, with rounding of the daily
factor at the eight decimal; and (ii) the fixed rate, whenever define, shall be also calculated in a capitalized form, but based on a three hundred and sixty (360)-day year. Whenever the CDI percentage is zero, the Interest shall be deemed
prefixed. 
 Paragraph Two - The Interest shall apply during the period of effectiveness of this Note (i) including the Interest
Rate relating to the Disbursement Date, or the date of 

 
the last payment of the installment of principal, and (ii) excluding the Interest rate relating to the corresponding maturity date. In the event of extinguishment, non-disclosure or
impossibility, for any reason, of use of the daily average CDI rates, during the period in which it is not possible, for any reason, to use the daily average CDI rates, a substitute rate shall be used based on the variation of the Selic Rate
published by the Central Bank of Brazil (Bacen). 
 Paragraph Three - In view of the head provision of this Section and the other
Paragraphs hereof, below is the formula to calculate the amounts due by ISSUER: 
  
 

 
 Where: 
 a =
fixed rate expressed on the 360 basis; 
 DCn = term in consecutive days from the disbursement date or from the date of last payment of interest, whichever is later,
until the corresponding maturity date; 
 DUn = term in business days from the disbursement date or from the date of last payment of interest, whichever is later, until
the corresponding maturity date; 
 P = percentage of the CDI; 
 Taxacetip = rate of the Interfinancial Deposit Certificate (CDI), Over, expressed on the 252-base; 
 VFn = amount of
each installment on the corresponding maturity date; 
 VPn = amount of amortization of the principal amount of the nth installment; 

n = number of the installment; 
 SDn =
outstanding balance of the principal amount without deducting the installment being amortized; 
 SECTION 04. Form of payment - ISSUER
shall pay all AMOUNTS due on the respective MATURITY necessarily through debit to the account mentioned in the Preamble and maintained with Itaú Unibanco S.A. (with principal place of business at Praça Alfredo Egydio de Souza
Aranha, No. 100, Itausa Tower, in the City and State of São Paulo, enrolled with the National Corporate Taxpayers Register under CNPJ/MF No. 60.701.190/0001-04, hereinafter “ITAÚ UNIBANCO”), which shall have
sufficient balance. 

 Paragraph One - For purposes of the provisions of the head of this Section, ISSUER hereby
irrevocably and irreversibly authorizes LENDER and ITAÚ UNIBANCO to duly operate the aforementioned checking account, whenever it has sufficient balance, so as to transfer to LENDER the amounts required for settlement of
the debt of ISSUER under this Note, on the corresponding maturity dates (including in the event of early maturity). In view of the provisions hereof, LENDER is authorized by ISSUER to deliver a copy of this Note to
ITAÚ UNIBANCO. 
 Paragraph Two - If the ISSUER does not have a checking account at ITAÚ UNIBANCO,
ISSUER agrees, on an irrevocable and irreversible basis, to make payments on the MATURITY dates by Electronic Funds Transfer (TED) sent directly to LENDER. 
 Paragraph Three - Any receipt of an installment outside the agreed term shall constitute mere forbearance and shall not affect the MATURITIES or other items and conditions of this Note, nor
shall it amount to novation or modification as agreed herein, including in regards to charges resulting from default. 
 Paragraph Four -
If any maturity date (of principal, charges, taxes and financial surcharges) set forth in this Note and in the Requests falls on a national, state, local or bank holiday, ISSUER shall make the payment o the first subsequent business day. In
this case, the Interest shall be levied until the date of actual payment. 
 Paragraph Five - The term of the ISSUER’S
obligations under this Note was established in the interest of both parties, so that the early payment by ISSUER, including in the event of early payment through receipt by LENDER of funds from another financial institution,
constitutes performance of an obligation outside the term. The parties thus pre-establish that the outstanding balance on the early payment date shall consist of the unpaid principal amount, plus: (i) the charges agreed in this Note for the
period lapsed until the early payment date and (ii) possible indemnity set forth in Paragraph Six below. 
 Paragraph Six - LENDER
shall make the calculation of the amount present in the payments flow representing the interest to come due and the non-repaid principal, as from the maturity dates originally agreed, upon negative premium of such flow, the basis of which shall be
the interest rate applicable for investment of funds available to LENDER at the time of early payment. If the amount present in such flow is greater than the amount of the non-repaid principal, the positive difference shall consist in indemnity due
by ISSUER to LENDER as restructuring of its application/providing cost (“breaking fund cost”). 
 Paragraph Seven - In the
event of early maturity, ISSUER shall prove use of the funds originated from the financing within up to ninety (90) days after the early payment date, presenting to LENDER the Supporting Documents set out in Section 02,
Paragraph Nine above, which shall correspond to exports, production of goods for export or support and supplementary activities, as the case may be, carried out after issuance of this Note and within a period included between ninety (90) days
before and ninety (90) days after the early payment date(s). The equivalent in current national currency of the Supporting Documents shall be calculated as provided in Section 02, Paragraph Ten. 

 SECTION 05. LENDER shall provide ISSUER statements or calculation spreadsheets that shall be
considered integral parts of this Note. The statements and calculation spreadsheets shall be sent to ISSUER whenever it makes a request to this effect. The LENDER may send the ISSUER such calculation spreadsheets and statements
even if no request for sending has been received. 
 Sole Paragraph - ISSUER AND CO-OBLIGOR SURETIES ACKNOWLEDGE THAT THE
STATEMENTS OF CURRENT ACCOUNT OF THE ISSUER MENTIONED ABOVE AND THE CALCULATION SPREADSHEETS SUBMITTED BY LENDER ARE PART OF THIS NOTE AND THE AMOUNT CONTAINED THEREIN, IF ASCERTAINED ACCORDING TO THIS NOTE, ARE NET, DUE AND PAYABLE.
IF ISSUER DOES NOT AGREE WITH AMOUNTS OF ANY STATEMENT OR CALCULATION SPREADSHEET, IT SHALL COMMUNICATE THE FACT TO THE LENDER IN WRITING. IF THE COMPLAINT IS NOT MADE WITHIN FIVE (05) DAYS AFTER COGNIZANCE OF THE STATEMENTS
AND/OR CALCULATION SPREADSHEETS, THIS SHALL CONSTITUTE DOCUMENTARY EVIDENCE OF THE USE, CERTAINTY AND LIQUIDITY OF THE CREDIT. 
 SECTION 06.
Place of payment - In the event that payments due are not made via debit to the current account, without prejudice to the applicable legal rules and standards, payments of amounts due in respect of this Note, including the accruals stipulated
above, shall be made at the address of LENDER or any of its branches, directly to the same or to its order. 
 SECTION 07. Guarantees -
In order to guarantee full compliance with all principal and accessory obligations assumed by ISSUER hereunder as well as of the agreed fines, costs and court and extrajudicial expenses, taxes and similar expenses LENDER incurs and/or
comes to incur to collect its credit, this Note is executed by the CO-OBLIGOR SURETIES informed in the Preamble, as co-obligor, jointly and severally liable with ISSUER for all obligations assumed under this Note and in the Request by
ISSUER, which may, at any time, be called to honor the obligations assumed hereunder if ISSUER fails, for any reason, to timely make the agreed payments, waiving any benefit of order of division: 

Sole Paragraph - CO-OBLIGOR SURETIES request not to execute the Request, declaring that agreement to the terms of this Note automatically binds
them to the provisions of the Request issued by ISSUER. 
 Section 08. Early maturity - The early maturity of debt contained
in this Note may be declared payable immediately, regardless of any judicial and/or extrajudicial notice, upon occurrence of any of the following events, which the parties hereby acknowledge to be the direct cause for an undue increase in the risk
of noncompliance with the obligations assumed by ISSUER and CO-OBLIGOR SURETIES, rendering the obligation to grant credit assumed by LENDER under this Note more onerous. 

	a)	failure by ISSUER and/or by any CO-OBLIGOR SURETY to comply, within the due term and in the due form, with any principal or accessory obligation
assumed to LENDER under this Note or under any other Agreement executed by ISSUER with LENDER and/or with any other company related/affiliated to and/or controlling LENDER, directly or indirectly;

  

	b)	occurrence of the events listed in articles 333 and 1425 of the Brazilian Civil Code (Law No. 10406/02); 

 

	c)	if ISSUER and/or any of the CO-OBLIGOR SURETIES files for voluntary bankruptcy, provided it is not dismissed within the statutory term or have its
bankruptcy or civil insolvency requested or adjudicated, suffers liquidation or dissolution, is subject to any form of bankruptcy proceedings or suspends its activities for more than thirty (30) days, provided no satisfactory measures have been
adopted within this term, at the discretion of LENDER, to correct or remedy the situation; 

  

	d)	legitimate protest of instrument in an amount in excess of twenty million Reais (R$20,000,000.00), for which payment it is liable, even if as guarantor;

  

	e)	death, insolvency, interdiction, request and/or adjudication in bankruptcy of any of the CO-OBLIGOR SURETIES or of other co-obligors, without presentation
by ISSUER of a suitable substitute, accepted by LENDER, within five (5) days after occurrence of the event; 

  

	f)	if ISSUER or the CO-OBLIGOR SURETIES proposes a plan for out-of-court reorganization to LENDER or to any other lender or class of lenders,
regardless of the judicial homologation of such plan having been requested or obtained; 

  

	g)	if ISSUER or the CO-OBLIGOR SURETIES files for court-supervised reorganization, regardless of the reorganization being processed or granted by the
court of competent jurisdiction; 

  

	h)	early maturity of any other agreement, note or instrument executed by ISSUER and LENDER or any other company belonging to the same economic group
of LENDER, or also any third party, in an amount in excess of twenty million Reais (R$20,000,000.00); 

  

	i)	noncompliance of ISSUER or the CO-OBLIGOR SURETIES, to any third party, within the term and in the form due, of any agreement, term or commitment
in an amount in excess of twenty million Reais (R$20,000,000.00), and which can cause a Material Adverse Change in accordance with the reasonable understanding of LENDER; 

 

	j)	change of or amendment to the corporate purpose of ISSUER, or any CO-OBLIGOR SURETY, so as to change the current main activities of
ISSUER, or of the corresponding CO-OBLIGOR SURETY. 

	k)	if there is any change of or amendment to the composition of the capital stock of ISSUER and/or of any CO-OBLIGOR SURETY, or upon
occurrence of any change, transfer or direct or indirect assignment of the corporate/share control, or also the merger, consolidation or spin-off of ISSUER and/or of any CO-OBLIGOR SURETY without the prior and express consent of
LENDER. 

  

	l)	if the security interest or personal guarantee currently agreed and/or possibly agreed in the future are not duly made or formalized by ISSUER, by the
CO-OBLIGOR SURETIES or by other guarantors, in accordance with the applicable contractual or statutory provisions, or if they become, due to any fact relating to their subject matter, unable, inappropriate or insufficient to guarantee the
payment of the amount, and provided they are neither substituted nor supplemented, at the request of LENDER; 

  

	m)	full or partial application of funds agreed under this Note for a purpose other than agreed herein, that is, in other activities not listed in the BUDGET.

  

	n)	if any representations, obligations, information or documents that have been executed, assumed, provided or delivered by ISSUER and/or by the
CO-OBLIGOR SURETIES relating to this AGREEMENT are false or inaccurate. 

  

	o)	breach of Social and Environmental Laws as defined below in Section 17 below, in particular, but not limited to laws and regulations related to occupational
health and safety and the environment, as well as if the ISSUER encourages, in any form, prostitution or uses in its activities child labor and labor in a condition analogous to slavery; 

 

	p)	if ISSUER fails to execute and maintain valid and effective power purchase agreements with purchasers approved by LENDER, except in the event of
participation in auctions for the sale of power, which purchasers shall not require the approval, it being understood that if one or more power agreements is terminated before the debt agreed with LENDER has been fully paid, ISSUER
shall have up to ninety (90) days to substitute said power agreement for a new agreement, under conditions accepted by LENDER; 

  

	q)	should ISSUER and/or the CO-OBLIGOR SURETIES sell, dispose of, encumber property of their permanent assets or of the fixed assets (individually
and/or in the aggregate) above the limit of twenty million Reais (R$20,000,000.00), without the prior and express agreement of LENDER, except in the event of: (i) unusable or obsolete goods; (ii) goods substituted for other
goods of identical purpose and equivalent or higher price; or (iii) goods the sale or disposal of which does not affect the ability of ISSUER and/or of the CO-OBLIGOR SURETIES to comply with their corresponding obligations under
this Note; 

  

	r)	should ISSUER and/or the CO-OBLIGOR SURETIES fail to maintain the financial index provided in sub-item (1) below, which index shall be
annually calculated based on the financial statements of the end of the corresponding fiscal years, which shall be audited by a company represented in the Brazilian Securities Commission – CVM: 

 (1) Net Bank Debt / Ebitda: 

 

																													
	 Net Bank Debt /Ebitda
	  	2012	 	  	2013	 	  	2014	 	  	2015	 	  	2016	 	  	2017	 	  	from 2018 on	 
	 ISSUER
	  	£	4.0	  	  	£	4.5	  	  	£	4.5	  	  	£	4.5	  	  	£	4.0	  	  	£	3.5	  	  	£	3.0	  

 For purposes of the provisions of this item, it is defined that the terms used herein shall have the following meaning,
respectively: 
 a) Net Bank Debt: Bank Loans/Financings + Debentures + Loans – Cash/Financial Investments; 

b) Ebitda: Operating Result +/- Financial Result + Depreciation/Amortization +/- Variation of the Fair Value of the Biological Asset +/- Equity;

 SECTION 09. Late payment and fine - In the event of noncompliance with any of the obligations contained in this Note, including in the
event of early maturity thereof, ISSUER and the CO-OBLIGOR SURETIES shall be put in default, regardless of the future receipt of any judicial and/or extrajudicial notice by LENDER, so that ISSUER and the CO-OBLIGOR
SURETIES agree to pay, during the period in arrears all amounts due under this Note: 
  

	a)	Conventional interest set out in the Preamble, capitalized daily; 

  

	b)	Default interest at effective rate of one percent (1.0%) per month, capitalized daily “pro rata temporis”; and 

 

	c)	Non-compensatory fine of 2%. 

 Sole
Paragraph - The charges provided herein, listed in items “a” and “b”, above shall be calculated and capitalized until final settlement of the debt. 
 SECTION 10. Attorneys’ Fees - If LENDER is required to collect any AMOUNT due under this Note, even if in a proof of claim or execution against insolvent debtor, ISSUER
and the CO-OBLIGOR SURETIES agree to pay to LENDER damages for the attorneys’ fees incurred with the lawsuits and extrajudicial measures adopted, which are hereby established as twenty percent (20%) of the amount in
controversy, regardless of the payment of principal, interest, commissions, default interest and any charges and/or expenses set forth in this Note or in law, as well as of the fees possibly due to the counsel of LENDER due to the loss of
suit. 
 SECTION 11. Expenses - ISSUER shall pay any and all expenses and ordinary or extraordinary charges duly proved,
especially, but not exclusively, the expenses with collection of this Note, certification of signatures and enrollments and/or registrations in the notary public, as well as any other expense LENDER is required to incur with respect to this
Note or to its guarantees. These expenses shall be paid by ISSUER to LENDER within 48 hours after receipt by ISSUER of the corresponding debit notice, under penalty of early maturity of this Note.  

 SECTION 12. Payment of taxes - ISSUER and the CO-OBLIGOR SURETIES represent to be aware
of and to agree that the LENDER may pass on and require payment of any taxes, contributions and/or other charges levied on this Note and/or that may be levied in the future, including in the case of de-characterization of this Note. To this
end, ISSUER and the CO-OBLIGOR SURETIES hereby acknowledges, except in the event of material error, as clear legal any and all amounts that may be presented against them by LENDER pertaining to such taxes, contribution and/or
other charges, which shall be settled by ISSUER on the occasion of its presentation, under penalty of early maturity of this Note and enforcement of its guarantees. 
 SECTION 13. Offset of amounts - Noncompliance with any obligation of ISSUER under this Note grants LENDER the right to immediately enforce this Note and the guarantees created
or linked to the Note, as well as others that may create rights thereon, in order to be reimbursed for its creditor, and LENDER may, pursuant to the provisions of article 368 of the Brazilian Civil Code, also offset any possible credits it
has and/or come to have against ISSUER and/or the CO-OBLIGOR SURETIES against any credits ISSUER and/or the CO-OBLIGOR SURETIES have or come to have, of any kind, to LENDER, and for that purpose LENDER may
withhold instruments and/or amounts held and/or which come to be held by ISSUER and/or the CO-OBLIGOR SURETIES in order to make the aforementioned setoff. 
 SECTION 14. Forbearance - Failure by LENDER to exercise any right or power granted to it pursuant to the law or under this Note or the possible agreement with late compliance with the
obligations hereby assumed by ISSUER shall neither result in novation nor prevent LENDER from exercising, at any time, these rights and powers. 
 SECTION 15. Other obligations of the ISSUER and of the CO-OBLIGOR SURETIES: 
  

	a)	ISSUER and the CO-OBLIGOR SURETIES assume liability to maintain their addresses duly updated and in writing, with LENDER. For purposes of
communication/knowledge of any act or fact under this Note, they shall be automatically deemed notified, regardless of other formalities, at the respective addresses informed in the Preamble. 

 

	b)	ISSUER shall be liable for the truth and accuracy of the data and information hereby provided or sent to LENDER by means of the Request or otherwise.

  

	c)	The ISSUER agrees, when requested by LENDER and in the term of two (2) business days, to deliver the documents requested to update those
already delivered, or that may be required by applicable regulations or by reason of determination or direction of the competent authorities, including, without limitation, those in regards to the investment of the funds agreed to herein, as
provided in Section 02, Paragraph Nine. 

  

	d)	 ISSUER agrees to provide LENDER, in the event of export of services, certified copies of the services agreement executed with the foreign
contractor, on the 

	 	
same day as requested by LENDER, which can make it at any time. LENDER shall grant confidential treatment to such document, pursuant to the provisions of Supplementary Law
No. 105, of January 10, 2001, and it hereby agrees to present it only to the administrative, regulatory or court authorities requesting it such presentation. 

 SECTION 16. Social and Environmental Provisions - ISSUER declares that it respects on this date and it shall respect during the whole term of effectiveness of this Note the applicable laws
and regulations related to occupational health and safety, the environment, and declares that its activities do not encourage prostitution, nor use or encourage child labor and/or labor in a condition analogous to slavery or in any way breach the
rights of indigenous peoples, especially, without limitation, the right on indigenous occupation areas, as declared by the competent authority (“Social and Environmental Laws”) and that the use of the amounts that are the subject matter of
this Note shall not result in any breach of the Social and Environmental Laws. 
 Paragraph One - ISSUER agrees to comply with the
obligations originating from the Social and Environmental Law, as well as to obtain all documents (reports, studies, licenses, authorizations, permits, certificates, records etc.) contemplated therein, as well as to maintain the licenses,
authorizations, environmental grants and other certificates and records required to regular performance of its activities in full force and effect. 
 Paragraph Two - ISSUER shall deliver to LENDER, upon request, all documents mentioned in this section “Social and Environmental Provisions” (including, without limitation,
the documents required to confirm compliance with the Social and Environmental Laws) and/or any other information relating to social and environmental aspects related to its activity. 
 Paragraph Three - ISSUER shall inform LENDER, in writing, within up to five (5) days after the date on which it becomes aware of it, of the occurrence of any of the following
events relating to this Note (i) noncompliance with the Social and Environmental Laws; (ii) occurrence of environmental damage; and/or (iii) commencement and/or existence of administrative proceedings or lawsuits relating to social
and environmental aspects. 
 Paragraph Four - ISSUER shall, irrespective of fault, (i) reimburse LENDER for any
amount incurred by it or which it is required to pay, including to defend its interests, and (ii) indemnify LENDER for any loss or damage, including to its reputation, which LENDER may suffer as a result of environmental damage
relating to the activities of ISSUER. 
 Paragraph Five - The ISSUER states, for all legal intents and purposes, it does
not, on this date, exercise research-related activity or projects in order (i) to obtain Genetically Modified Organisms—GMOs and their derivatives; or (ii) assess the biosafety of these organisms, which includes, experimentally, the
construction, cultivation, production, handling, transportation, transfer, import, export, storage, research, marketing, consumption, release into the environment and the disposal of GMOs and/or their derivatives. 

 Paragraph Six - The ISSUER undertakes, in case it begins any of the activities envisaged in
the preceding paragraph during the term hereof, to inform the LENDER, also undertaking not to use the proceeds from this instrument for the activities listed in Paragraph Five above. 
 SECTION 17. Credit Information System (SCR) - The ISSUER and the CO-OBLIGOR SURETIES authorize LENDER at any time, during effectiveness of this transaction, to: 

a) provide the Central Bank of Brazil (BACEN), to integrate the SCR, information on the amount of its debts maturing and matured, including those in
arrears and those ended with a loss, as well as amount of co-obligations assumed and guarantees provided; and 
 b) consult the SCR about
possible information in the name of ISSUER and of the CO-OBLIGOR SURETIES. 
 Sole Paragraph: The purpose of SCR is to
provide the Central Bank information on credit transactions for the purpose of supervision of credit risk and exchange of information between financial institutions. The ISSUER and the CO-OBLIGOR SURETIES are aware that consultation to
SCR by the LENDER depends on this prior authorization and ratify any query previously made for purposes of this contracting. The ISSUER and the CO-OBLIGOR SURETIES may access at any time, SCR data by means put at its disposal by
the Central Bank and, in case of divergence in SCR data provided by LENDER, request correction, exclusion or registration of supplementary information, including legal action, based upon written and justified request to LENDER.

 SECTION 18. Access to Exchange Market and Foreign Trade Market Information - The ISSUER and the
CO-OBLIGOR SURETIES authorize the LENDER at any time, during effectiveness of this transaction, to consult information regarding the transaction carried out by ISSUER and/or the CO-OBLIGOR SURETIES in the foreign exchange
or foreign trade market that are provided by the Brazilian Central Bank, other financial institutions or any direct or indirect Brazilian administrative entity or any applicable jurisdiction, including without limitation, to any information provided
by the Brazilian Federal Revenue Service (RFB) and/or by the Ministry of Development, Industry and Foreign Trade (MDIC), also ratifying any inquiries made by LENDER prior to signing this consent. 

SECTION 19. Jurisdiction - The Courts of the Judicial District of the State of São Paulo are hereby elected to settle any doubts arising or
based on this Note and its guarantees, provided that LENDER may, however, opt for the courts where the ISSUER’S principal place of business and/or the residence of the CO-OBLIGOR SURETIES are located to the exclusion of any
other, however privileged it may be. 

 São Paulo, March 4, 2013 
 ISSUER: 
 ADECOAGRO VALE DO IVINHEMA LTDA 

AGREEMENT: 
 BANCO ITAU BBA SA

 CO-OBLIGOR SURETIES: 

ADECOAGRO BRASIL PARTICIPACOES SA 

CNPJ / CPF: 07.835.579/0001-51 

WITNESSES: 
 1) 

2) 

 EXHIBIT I 
 EXPORT CREDIT NOTE - No. 100113030001400 EXECUTED ON MARCH 4, 2013 
 PRINCIPAL AND INTEREST PAYMENT SCHEDULE 

 

							
	 INSTALLMENTS
	    	
                     
           AMOUNT R$                            
        
	    	 MATURITY

			
	 1
	    	100.00 % CDI + 3.200000 % p.a. exp.	    	September 16, 2013
			
	 2
	    	100.00 % CDI + 3.200000 % p.a. exp.	    	March 17, 2014
			
	 3
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	April 15,2014
			
	 4
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	May 15, 2014
			
	 5
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	June 16, 2014
			
	 6
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	July 15, 2014
			
	 7
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	August 15, 2014
			
	 8
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	September 15, 2014
			
	 9
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	October 15, 2014
			
	 10
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	November 17, 2014
			
	 11
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	December 15, 2014
			
	 12
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	January 15, 2015
			
	 13
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	February 18, 2015
			
	 14
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	March 16, 2015
			
	 15
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	April 15, 2015
			
	 16
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	May 15, 2015
			
	 17
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	June 15, 2015

							
			
	 18
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	July 15, 2015
			
	 19
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	August 17, 2015
			
	 20
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	September 15, 2015
			
	 21
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	October 15, 2015
			
	 22
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	November 16, 2015
			
	 23
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	December 15, 2015
			
	 24
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	January 15, 2016
			
	 25
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	February 15, 2016
			
	 26
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	March 15, 2016
			
	 27
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	April 15, 2016
			
	 28
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	May 16, 2016
			
	 29
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	June 15, 2016
			
	 30
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	July 15, 2016
			
	 31
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	August 15, 2016
			
	 32
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	September 15, 2016
			
	 33
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	October 17, 2016
			
	 34
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	November 16, 2016
			
	 35
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	December 15, 2016
			
	 36
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	January 16, 2017
			
	 37
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	February 15, 2017

							
			
	 38
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	March 15, 2017
			
	 39
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	April 17, 2017
			
	 40
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	May 15, 2017
			
	 41
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	June 16, 2017
			
	 42
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	July 17, 2017
			
	 43
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	August 15, 2017
			
	 44
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	September 15, 2017
			
	 45
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	October 16, 2017
			
	 46
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	November 16, 2017
			
	 47
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	December 15, 2017
			
	 48
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	January 15, 2018
			
	 49
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	February 15, 2018
			
	 50
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	March 15, 2018
			
	 51
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	April 16, 2018
			
	 52
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	May 15, 2018
			
	 53
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	June 15, 2018
			
	 54
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	July 16, 2018
			
	 55
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	August 15, 2018
			
	 56
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	September 17, 2018

							
			
	 57
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	October 15, 2018
			
	 58
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	November 16, 2018
			
	 59
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	December 17, 2018
			
	 60
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	January 15, 2019
			
	 61
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	February 15, 2019
			
	 62
	    	 1,250,000.00 + 100.00 % CDI + 3.200000

% p.a. exp.
	    	March 15, 2019

 EXHIBIT II 
 EXPORT CREDIT NOTE - No. 100113030001400 EXECUTED ON MARCH 4, 2013 
 BUDGET 
 The funds raised through the issuance of Export Credit Note
No. 100113030001400, in the amount of seventy-five million Reais (R$75,000,000.00) shall be invested in the productive/economic activity of Issuer and shall have the destination set forth in this Budget. 

List of goods/services to be produced/supplied/provided: VHP Sugar, Coarse Sugar and Ethanol. 
 Issuer represents that: 
 [X] the exports of goods and/or services related to this financing, in
an amount equal to or higher than the amount informed above, shall be carried out in accordance with the Payment Schedule set forth in Exhibit I. 
 [   ] the production of goods for export related to this financing, in an amount equal to or higher than the amount informed above, shall be carried out in accordance with the Payment Schedule
set forth in Exhibit I. 
 [   ] the support and supplementary activities that are an integral part of and essential for the export
related to this financing, in an amount equal to or higher than the amount informed above, shall be carried out in accordance with the Payment Schedule set forth in Exhibit I. 
 São Paulo, March 4, 2013 
 ADECOAGRO VALE DO IVINHEMA LTDA 

BANCO ITAU BBA SA 

 EXHIBIT III 
 EXPORT CREDIT NOTE - No. 100113030001400 EXECUTED ON MARCH 4, 2013 
 DISBURSEMENT REQUEST 
 São Paulo, March 4, 2013

 To Banco Itaú BBA S.A.  

RE.: EXPORT CREDIT NOTE- NO. 100113030001400 EXECUTED ON MARCH 4, 2013 (“NOTE”) 
 Dear Sirs, 
 All the provisions, concepts and Section of this Note apply to the financing requested
herein. Thus, we confirm the closing of the loan in the Note and request the disbursement of seventy-five million Reais (R$75,000,000.00) for the date March 5, 2013 in the following accounts held by us: 

I – Bank: 341 
 Branch 5602

 Current Account: 01632-0 
 Amount:
seventy-five million Reais (R$75,000,000.00) 
 For purposes of the Note, we acknowledge the amount below as the Net Credit Amount:
seventy-five million Reais (R$75,000,000.00) 
 ADECOAGRO VALE DO IVINHEMA LTDA 
 INSTRUMENT: 100113030001400 
 AUTHENTICATION (SIM-II): 5539CA85-1940-48E7-BB38-9676F7C446D3

 IBBA_KG_NCE_CONCEDER_ADECOAGRO_CNPJ07903169

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