“Regarding our 5 Year plan, we continue on schedule with the most important part that is sugarcane planting. Dry weather has certainly delayed our crushing plan for 2019 and the beginning of 2020. We have rains now and weather appears to be normalizing. This is why we feel confident that as of the second quarter 2020 we will be able to resume crushing activities according to the original plan.

Moving to our Farming business, political and economic uncertainties in Argentina posed operational challenges. Specifically after the primaries last August, market sentiment shifted abruptly and relative prices adjusted accordingly. In this line, our latest farmland independent appraisal reflected a 10% reduction year-over-year for our farmland in Argentina. The value for our Brazilian and Uruguayan farmland, however, remain unchanged."

Quarterly Earnings

2019

#2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

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SEC Filings

Date	Filling Type	Description	View