Ethics and Compliance – Adecoagro Investor Relations

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ETHICS AND COMPLIANCE

Trust, Transparency, Efficiency, Innovation, Sustainability and Safety are the values that guide our operations.

Code of Ethics and Business Conduct

Our Code of Ethics and Business Conduct sets out the ethics and compliance standards that all directors, executives, and employees of Adecoagro should comply with. We also invite our suppliers and contractors to follow these same guidelines when complying with their contractual obligations.

Guidelines included in our Code

U.S. Foreign Corrupt Practices Act.
Policy to report suspected incidents involving inaccurate financial
information or fraud.
Policy to report Code violations.
Policy on privileged information.
Policy on confidential information.

Compliance with the Code

We offer our employees inquiry and reporting channels, including email and telephone contacts, available in the local language of each country 24 hours a day. All inquiries and reports made are confidential and anonymous. The director of Compliance is responsible for receiving any report of violation, whether known or suspected, of laws, government regulations, or the Code of Ethics and Business Conduct by directors, executives, and employees.

We believe that complying with the Code of Ethics and Business Conduct is as important as being efficient in our production model. This translates into better operating results, generating greater value for our shareholders.

100%

of directors and employees trained in anti-corruption policies and procedures.

100%

of our directors and employees have adhered to the Code of Ethics and Business Conduct.

100%

transparency. Financial statements and SOX compliance audited by an independent auditor.

Code of Ethics and Business Conduct

Policy on Insider Trading

Whistleblower Policy

Clawback Policy

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Fertilizers

Fertilizers

Our fertilizer plant has the capacity to produce up to 1.3 million tons of urea and 790 thousand tons of ammonia per year. In addition, we operate four storage and dispatch centers strategically located throughout Argentina, with a total storage capacity of 465 thousand tons of granular urea.

Since natural gas represents a significant portion of the production cost of urea, our plant secures its supply through medium-term contracts with leading Oil & Gas producers in the country. This, in turn, positions us among the lowest cost producers of urea in the world by leveraging on Argentina’s growing natural gas production.

Our assets are strategically located, enabling us to efficiently serve the different markets. At present, our urea is sold locally, since Argentina —and South America as a whole— are net importers of nitrogen fertilizers. As a result, we supply about 60% of Argentina’s urea needs. In addition, the plant’s proximity to the port of Bahía Blanca provides valuable export optionality for both urea and ammonia.

Dairy

Dairy

Our vertically integrated model places special emphasis on animal welfare, efficiency and quality. We manage over 14,500 milking cows in our four free-stall facilities, situated in the Argentine Humid Pampas region, achieving productivity indicators well above national average. This production, together with raw milk purchased from third parties, is processed in our two industries and transformed into value-added products including ultra-high temperature (“UHT”) milk, powdered milk, semi-hard cheese, cream and chocolate milk, among other dairy products. We have the flexibility to sell to the export and domestic market (under our own brands —Las Tres Niñas, Apóstoles and Angelita—) based on relative profitability.

Furthermore, we have built two biodigesters that generate electricity by burning biogas extracted from effluents produced by our dairy cattle, which is sold to the local grid in Argentina.

Being vertically integrated allows us to control the supply chain, which in turn enhances efficiencies and increases margins, and provides us with the flexibility to shift sales across markets.

Rice

Rice

We own a fully integrated operation located in the northeast provinces of Argentina and in Uruguay, with plentiful sunlight and abundant water availability.

We have a seed unit where we develop our own seeds according to clients’ needs, which are later planted in 60,000 hectares of own and leased farms. We own six rice mills and one rice snack facility, where we produce different types of white and brown rice. We have the flexibility to sell our product into the export market, as well as in the domestic market under our own brands —Molinos Ala, Apóstoles, 53 and Mucho Gusto.

Having in place a vertically integrated business enables us to offer full product traceability to our customers, as well as to have a quick speed of reaction to respond to market opportunities.

Crops

Crops

We produce a wide range of agricultural commodities, such as soybean, corn, wheat, peanut, and sunflower, which are later exported to the world. Our grains activities are conducted in over 200,000 hectares spread across the most productive regions of Argentina and Uruguay, where we produce over 800,000 tons of grains each year. By focusing on regenerative agriculture techniques we prioritize soil health while achieving high productivity indicators.

We own a state-of-the-art peanut processing facility in Córdoba province, Argentina, where we process our peanut production and turn it to higher added-value products which are sold to selective global markets. Moreover, we own a sunflower processing facility located in Buenos Aires province, Argentina, that enables us to develop direct and long-term relationships with different customers around the world.

Sugar, Ethanol & Energy

Sugar, Ethanol & Energy

We grow sugarcane which we then process in our own mills to produce sugar, ethanol and energy. Our operations are located in the Brazilian states of Mato Grosso do Sul and Minas Gerais where we manage a sugarcane plantation of over 200,000 hectares, and have a total crushing capacity of 14.2 million tons of sugarcane distributed among three mills.

Given the combination of soil, weather and our state-of-the-art assets, we have developed competitive advantages which places us as one of the most efficient and low-cost producers in Brazil. These include:

Low competition for land, which translates into lower leasing costs.
Ability to crush sugarcane year-round – “continuous harvest model” – being one of the few players crushing cane during the interharvest period.
High asset flexibility to maximize the production of either sugar or ethanol, above Brazil’s industrial average.
Capacity to cogenerate energy in all our mills.

We sell ethanol in the domestic market as well as abroad, since we have the necessary certifications to export our production. Sugar is mostly sold into international markets, while a small portion is sold domestically under our own brand —Açúcar Monte Alegre—. As a large producer of renewable electricity, we can power our own operations and have excess to sell to the local grid via spot and long-term contracts. Due to the efficiency and sustainability in our operations we are a source of carbon credits; and we recycle our by-products and use them as biofertilizers in our fields and in the production of biomethane to power our fleet.

Victoria Cabello

Victoria Cabello

Investor Relations Officer

Mrs. Cabello is our Investor Relations Officer. She joined the company in 2018 as part of the Business Development team participating in the process of expansion and consolidation of the Farming business, and in 2020 moved into the IR department where she manages the company’s relationships with investors and analysts. Prior to joining Adecoagro, Mrs. Cabello worked at the Argentine conglomerate Grupo Newsan and at Crisil Limited, an S&P global company. She holds a bachelor degree in Business Administration and a Masters degree in Corporate Finance both from UCEMA university. Mrs. Cabello is an Argentine citizen.

Alejandro López Moriena

Alejandro López Moriena

Sustainability Director

Mr. López Moriena has been part of Adecoagro since inception and a member of Adecoagro’s Senior Management since 2019. His responsibilities include defining, developing, evaluating and transferring the most efficient, profitable and sustainable technologies to be applied in each business line and in each region and country, including managing climate-related issues. Sustainability responsibilities include the definition of a corporate policy and strategy, its discussion at Board level and the coordination of its implementation at the operational level, in addition to educating and leading sustainable-based technical training programs. Mr. López Moriena has over 20 years of experience in agribusiness development and agricultural production. He has spoken in numerous Ag conferences, with special focus on Sustainability matters, such as The World Food Prize (Iowa, US), Sustainable Food Lab (London, UK), AAPRESID (Rosario, Argentina), World Agri Tech Summit (San Francisco, US), Global AgInvesting (New York, US), Ag Innovation Showcase (St Louis, US) and Large Farm Management (Kiev, Ukraine) among others. Mr. López Moriena holds a Masters degree in Agronomy from the University of Buenos Aires.

Josefina Díaz Vega

Josefina Díaz Vega

General Counsel

Mrs. Díaz Vega has been a member of the Company’s legal department since 2011 and assumed the role of General Counsel in 2019 and Compliance Officer in 2023. In this capacity, she oversees the operations of the legal and compliance department, applying her experience and legal expertise to advise senior management in different legal landscapes, and implement effective risk mitigation strategies to ensure adherence to regulatory standards. Before joining us, she worked at Marval, O’Farrell & Mairal, were her practice focused on corporate and transactional business matters. Mrs. Diaz Vega holds a Law degree from the University of Buenos Aires, LLB by the University of Wolverhampton (UK) and a master’s degree in International Economic Law and Policy from the University of Barcelona, where she studied with a scholarship awarded by the Fundación Carolina.

Ezequiel Garbers

Ezequiel Garbers

VP Crops and Rice Businesses

Mr. Garbers is VP for Crops and Rice Business for Argentina and Uruguay. He is a co-founder and a member of the Company’s senior management. He coordinates all of our production and human resource development activities in Argentina and Uruguay. Mr. Garbers has over 30 years of experience in integrated agroindustrial and food chains. Prior to joining the Company, he was the Chief Operating Officer of an agricultural consulting and investment company he co-founded, where he developed crop-production, cattle and dairy business projects both in Argentina and abroad. Mr. Garbers holds a degree in Agronomic Engineering from the University of Buenos Aires and a Master’s in Business Administration from the Instituto de Altos Estudios of the Austral University.

Pepe Imbrosciano

Pepe Imbrosciano

VP Consumer Goods and Business Development

Mr. Imbrosciano is the head of our Business Development Department for all operations in Argentina, Brazil and Uruguay where he oversees all new business initiatives, and a member of Adecoagro’s Senior Management since 2003. He has over 30 years of experience in farm management and agriculture production. In addition, from 2022 he is in charge of the development of the Consumer Goods area within the company. Prior to joining Adecoagro, Mr. Imbrosciano was the Chief Operating Officer of Beraza Hnos. S.C., a farming company that owns farms in the humid pampas region of Argentina. He was in charge of production, commercialization and logistics for a 60,000 hectare operation. Mr. Imbrosciano has also worked as a private consultant for various clients. Mr. Imbrosciano received a degree in Agricultural Production Engineering from the Argentine Catholic University and holds a Masters in Business Administration from the Instituto de Altos Estudios of the Universidad Austral.

Leonardo Raúl Berridi

Leonardo Raúl Berridi

VP Brazil

Mr. Berridi is our VP of Business Development and, prior to the Reorganization, had been Adecoagro’s Country Manager for Brazil since the beginning of its operations in Brazil and a member of Adecoagro’s Senior Management since 2004. Mr. Berridi has over 37 years of international experience in agricultural business. Prior to joining us, Mr. Berridi was Vice President of Pago Viejo S.A., a company dedicated to agriculture production and dairy farming in Argentina. He also worked for Trans-Continental Tobacco Corporation as Chief Operating Officer of Epasa (Exportadora de Productos Agrarios S.A.), a company dedicated to producing, processing and exporting tobacco in the northeast and northwest of Argentina, and Production Manager of World Wide Tobacco España S.A. in the Caceres and Zamora provinces in Spain. Mr. Berridi holds a degree in Forestry Engineering from the Universidad Nacional de La Plata.

Renato Junqueira

Renato Junqueira

VP of the Sugar, Ethanol and Energy Business

Renato Junqueira Santos Pereira is the VP of Sugar, Ethanol and Energy business and has been a member of the senior management team since 2014. He began working at Adecoagro in 2010 as the Operations Manager for our Sugar, Ethanol and Energy business and has vast experience in the Brazilian sugarcane industry. Before joining Adecoagro, he served as the CFO of Moema Group, one of the largest sugarcane clusters in Brazil. His main responsibilities at Moema included designing the optimal capital structure to finance the construction of five greenfield mills, preparing the company for an IPO and coordinating the M&A process which culminated in a $1.5 billion dollar sale to Bunge Ltda. Previously, Mr. Pereira held responsibilities as Mill Director and Agricultural Manager in Moema’s mills. He is an Agricultural Engineer from Universidade de Sao Paulo and holds an MBA from the University of California, Davis.

Emilio Gnecco

Emilio Gnecco

CFO

Mr. Gnecco is our Chief Financial Officer for all operations in Argentina, Brazil and Uruguay and a member of Adecoagro’s Senior Management since 2005. He is responsible for overseeing finance and administrative departments. Before he became the CFO, he was the Chief Legal Officer of Adecoagro, since the inception of the Company in 2002. He was responsible for all corporate matters, compliance, mergers and acquisitions and financing structures. Before joining us, he specialized in project financing, structured finance, corporate financing, private equity, joint ventures, mergers and acquisitions and corporate law and business contracts at Marval, O’Farrell & Mairal. Prior to that, he worked at the National Civil Court of Appeals of the City of Buenos Aires for four years. Mr. Gnecco has a law degree from the University of Buenos Aires, where he graduated with honors.

Mariano Bosch

Mariano Bosch

Co-Founder & CEO

Mr Bosch is a co-founder of Adecoagro. Since the beginning he has been our CEO and is also a member of the Company’s Board of Directors. In 1995 he founded and was the CEO of BLS Agribusiness, an agricultural consulting, technical management, and administration company. He has a degree in Agricultural Engineering from the University of Buenos Aires and has over 25 years of experience in agribusiness development. He is involved in business organizations such as IDEA, AEA, YPO, AACREA, FPC and AAPRESID. Mariano was distinguished by Endeavor as Entrepreneur of the Year (2019) and received the Konex award for Businessman of the Year in 2018.