December, 2013

2

BrasilAgro

Brazil Competitive Advantages

Farmland Investment

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BrasilAgro

Presentation

BrasilAgro

Short Summary on BrasilAgro

4

Company created to implement the Cresud’s successful business model in Brazil:

capable of profiting from the commodities production and from the land appreciation.

BrasilAgro went public in 2006 at BMF&Bovespa Stock Exchange (“Novo Mercado”)

as a business plan (BM&FBOVESPA: AGRO3).

Launch of the Level I ADR Program in 2010 and the Level II ADR Program in 2012,

listed at NYSE (Ticker: LND).

We have accumulated a portfolio of 248 thousand hectares until now, all in cerrado

region faraway from Amazon biome.

Until now we have sold 24,116 hectares with high levels of appreciation.

We have started our farming operations in 2007/08 crop , since then we have

developed 87.3 thousand ha and we cultivated 76.0 thousand ha during 2012/13 crop

representing a CAGR of 28%.

On June 30, 2013, the market value of our portfolio, including period sales, was

R$1.1* billion, 23% more than at the end of June 2012.

*do not include Paraguay properties

Timeline

5

Beginning of

the

sugarcane

project with

Brenco

Reserva

Nova Buriti

farm

acquisition

Preferência

farm

acquisition

Engenho

farm sale

More than

33,000 ha

cultivated

More than

15,000 ha

developed

Company

foundation

and

business

plan

creation

IPO

(Bovespa –

Novo

Mercado)

Raised R$

584 million

São Pedro

farm

acquisition

Cremaq

farm

acquisition

Engenho

farm

acquisition

Jatobá farm

acquisition

Araucária

farm

acquisition

Alto Taquari

farm

acquisition

Chaparral

farm

acquisition

Nova Buriti

farm

acquisition

First

BrasilAgro’s

fully

operational

year with

more than 20

thousand

hectares

cultivated

SAP

implementat

ion

More than

46 thousand

ha

cultivated

More than

17 thousand

ha

developed

Lauch of

ADR level I

program

Horizontina

Leste farm

acquisition

More than

58 thousand

ha

cultivated

More than

20 thousand

ha

developed

Celebration

of a lease

agreement

with a call

option of 7.7

thousand ha

in Bahia

São Pedro

farm sale

More than

67 thousand

ha

cultivated

More than

13 thousand

ha

developed

First year of

positive

EBITDA

Lauch of

ADR level II

program

NYSE listing

Acquisition

of Maeda’s

stake in

Jaborandi

LTDA. and

S.A.

Horizontina

farm sale

2006 2007 2008 2009 2010 2011 2012 2013

More than

76 thousand

ha

cultivated

More than

12 thousand

ha

developed

Sale of 394

ha of

Araucaria’s

Farm

Sale of

4,895 ha of

Cremaq’s

Farm

Acquisition

of 71

thousand

ha in

Paraguay(1)

FASE I

Acquisitions

FASE II

Investments / Developments

FASE III

Positive Cash Flow

FASE IV

Positive Earnings

1Brasilagro holds 50% of Cresca S.A., which detains 141,931 ha in Paraguay

BrasilAgro Business Model

6

The company has a unique business model that creates value through real state

appreciation and agricultural production

Management

Expertise

Land Transformation

The land development creates

value by itself, regardless the

farmland price appreciation

Value generation

Cash flow operations

The state of art agriculture allow

us to generate a strong

operational cash flow

Baseline appreciation

Any farmland price appreciation

should generate a positive

impact

1 2

3

Raw Land

Pasture

Forestry Grains

Sugarcane

Lan

d v

alu

e

BrasilAgro Business Model

7

The land development creates value by itself, regardless the farmland price appreciation

$

∆ t α + β β

$

IRR

Ideal point of sale

α – land development

β – baseline appreciation

$

∆ t

$

IRR

α + β β

Robust and Consistent Growth

8

Land acquisition(1)

(thousand ha)

Developed area(2)

(thousand ha)

Planted area

(thousand ha)

248,200(1) ha of land acquired and 87,300 ha transformed and 76,000 ha planted in

12/13 harvest year

¹ not included 7,699 ha “Parceria I” Farm which BrasilAgro has purchase option with fixed price; 2 accumulated

7.8

23.1

41.1

61.8

75.5

87.3

07/08 08/09 09/10 10/11 11/12 12/13

22.1

35.5

46.1

58.2

67.5

75.8

07/08 08/09 09/10 10/11 11/12 12/13

78.5

66.1

17.8 14.4

0 0 0

71.0

06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14

Operational Capabilities

9

• State of the art producing

technology

• Strongly skilled team capable of

making the best strategic decision

regarding the crop

• Management model based on a

strong leadership on site

• We operate our farms by

outsourcing all machinery

processes

• Access to subsidized credit lines

to finance the Company’s working

capital

• Sophistication and efficiency in

products commercialization

• Benefits from gains of scale

• Deep understanding of the

commodities markets gives us the

ability of developing pricing

strategies capable of benefiting

from market trends and volatility

• The monitoring of the hedging

position and exposure is made

through advanced controlling

tools

Diversification Operational Commercialization

A unique combination of diversification, operational skills and commercialization

capabilities…

12%

67%

7%

9% 5%

Sugarcane Soybean

Corn Pasture

Corn - 2nd crop

2012/13 crop planted area

breakdown

Operational Capabilities

10

Our operational controlling toll comprehend all

agricultural operational process: (i) planting, (ii)

soil fertilizing, (iii) chemical spray and (iv) harvest

Operational control and management

BrasilAgro management team consolidate

sophistication, technology and field knowledge:

efficient control tool and integrated process

through SAP that reaches the farm level

Operational and financial control

Deep Knowledge of Brazilian Farmland

Landscape

11

Undisputed leadership in the rural real estate scenario with a proven track record

BrasilAgro’s rigorous acquisition process confers a unique competitive advantage to quickly

deploy the capital

Number of visited farms

Total area of the farms for sale (thousand ha)

Number of farms for sale

MM ha

Primary analysis 25.0

Site visit 3.5

Detailed due diligence 1.7

0 230 6

0

3 111 6

0

14 6,533 250

4

0 21 4

0

0 2,500

11

0

0 230 6

0

12 1,000 128

3

20 1,190

93

5

0 2,6 2

0 2

156 44

0

0 2,2 1

0

0 1,8 1

0

14 1,300

62

4

56 4,060

95

16

10 851 38

1

8 1,000 126

2

0 230 6

0 0

230 6

0

3 111 6

0 3

111 6

0

14 6,533 250

4 16

7,759 255

6

0 21 4

0 0 157 2

0

0 2,500

11

0 0

2,536 11

0

0 230 6

0 1

749 98

0

12 1,000 128

3 12

1,020 128

4

20 1,190

93

5 23

1,261 119

8

0 2,6 2

0 0

2,6 2

0 2

156 44

0 2

156 44

0

0 2,2 1

0 0

2,2 1

0

0 1,8 1

0

14 1,300

62

4 21

1,510 54

9

56 4,060

95

16 57

4,167 158

17

10 851 38

1 12 955 42

2

8 1,000 126

2 10

1,231 87

2

0 18,7 5

0

Deep knowledge on Brazil´s farmland scenario

Experienced team to select the best acquisition opportunities.

Number of farm where we performed technical due diligence

Shareholders Structure

Free Float

60.36%

• Cresud was founded in 1935, went public in Buenos Aires stock exchange in 1960 and on Nasdaq in 1997

• Over 850 thousand hectares under management in Argentina, Bolivia and Paraguay

• 30 plus years of track record in the agribusiness sector/rural real state. Sold 18 farms in the last 8 years with appreciation over 100%

• Value drivers: agricultural activities and complementary rural real estate operations

IPO: May, 2006

58,422,400 shares

R$ 584 mm

12

39.63%

Portfolio Evolution

13

(ha)

(R$ mm)

248,197

387.4

24,116

170.7

Acquisitions (ha)

(R$ mm)

Sales 2,022

22.0

-

-

-

-

2,447

26.0

19,647

122.7

-

-

-

-

66,616

102.0

17,799

10.0

14,358

38.0

-

-

-

-

-

-

78,459

155.4

¹ not included 7,699 ha “Parceria I” Farm which BrasilAgro has purchase option with fixed price.

145,075

106,646

160,852

119,303

175,210

127,870

175,210

127,870

Total area (ha)

Arable area (ha) 78,459

56,562

172,763

126,170

153,116(1)

114,092

224.081(1)

149.092

70,965

82.0

-

-

94%

84% 76%

68%

55% 48% 45%

60%

13%

19% 25%

38%

41%

36%

29%

6% 3% 5% 7% 7% 11% 19%

12%

06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14

developed under development undeveloped

14 14

A BrasilAgro possui um portfólio diversificado reduzindo o risco operacional e financeiro

Grains and Cotton

Sugarcane

Pasture

Forestry

Paraguay Grains / Pasture

Total area: 70,965 ha

Production area: 35,000

Location: Boquerón

231,780 ha

Total area (1): 104,295 ha

Production area (2): 76,015 ha

Location: Piauí e Bahia

Total area: 14,474 ha

Production area (2): 10,561 ha

Location: Goiás, Mato Grosso

Total area: 17,799 ha

Production area (2): 14,237 ha

Location: Bahia

Total area: 24,247 ha

Production area (2): 19,004 ha

Location: Minas Gerais

Farmland Portfolio of 231 Thousand ha

Potentially productive

67%

Environmental reserve

33%

PRODUCTION CAPACITY (Ha)

1 7.699 ha is a partnership for agriculture exploration with a purchase option on properties in the state of Bahia 2 Potential production area for BrasilAgro as estimated by the Company

Grains and Cotton 76%

Sugarcane 6%

Forestry 10%

Pasture 8%

BrasilAgro’s Farmland Portfolio

15

Value already

captured:

R$ 82.6 MM

¹ Considers the net investment in area development, restructuring and roads up to 06/30/13

² As of 06/30/13

³ BrasilAgro has purchase option in the “Parceria I Farm” with fixed price 4 Considers the net investment in area development, restructuring, and roads up to the sale date 5 Brasilagro holds 50% of Cresca S.A., which detains 141,931 ha in Paraguay

Total value created:

R$ 767 MM

7

1

2

3

5

6

4

9

10

8

11

3

1

12

Farms Location Acquisition

Date Project

Total Area Acquisiton

Value Capex¹

Acquisition + Capex

Internal Valuation²

ha R$'MM R$'MM R$'MM R$'MM

Cremaq PI Oct/06 Grains 27,807 35.9 20.3 56.2 231.6

Jatobá BA Mar/07 Grains 31,606 33.1 25.6 58.7 227.7

Araucária GO Apr/07 Sugarcane 9,288 66.9 - 66.9 168.3

Alto Taquari MT Aug/07 Sugarcane 5,186 33.2 - 33.2 107.3

Chaparral BA Nov/07 Grains 37,183 47.9 9.6 57.5 196,5

Nova Buriti MG Dec/07 Forestry 24,247 21.6 - 21.6 28.7

Preferência BA Sep/08 Pasture and

Grains 17,799 9.6 11.6 21.2 39.6

Parceria I (3) BA Sep/11 Grains 7,699 - - - -

Cresca S.A. Paraguay Dec/13 Pasture and

Grains 70,966 82 - - -

Sub-Total 231,781 330.2 67.1 315.3 999.7

Farms Already Sold Location Acquisition

Date Project

Total Area Acquisiton

Value Capex4

Acquisition + Capex

Sale Value Sale Date

ha R$'MM R$'MM R$'MM R$MM

Engenho MS Jan/07 Sugarcane 2,022 10.1 - 10.1 22.0 Jun/08

São Pedro GO Sep/06 Sugarcane 2,447 10.3 - 10.3 26.0 Oct/11

Horizontina MA Apr/10 Grains 14,358 37.7 15.2 52.9 75.0 Oct/12

Araucária GO Apr/07 Sugarcane 394 3.8 - 3.8 10.3 May/13

Cremaq PI Oct/06 Grains 4,895 6.3 4.7 11.0 37.4 May/13

Sub-Total 24,116 68.2 19.9 88.1 170.7

Total 255,897 398.4 87.0 403.4 1,170.4

4 3

1

2 5

6

7

11

9 10

12

Brazil

Paraguay

Case Study – Horizontina Farm

16

• 7.5 thousand ha of

grains

• 60 Km of internal

roads

• 80 - 110 direct and

indirect employees

Location: Tasso Fragoso / MA

Total area: 14,359 ha

Arable area: 8,567 ha

Acquisition Value: R$ 37.7 million

Acquisition value (Apr/10)

R$ 37.7 MM

Capex (Up to Sep/12)

R$ 15.2 MM

Sale value (Sep/12)

R$ 75.0 MM

Real estate value created

R$ 22.1 MM

Appreciation = 142% IRR = 27%

At acquisiton Current MA

Tasso Fragoso

Case Study – Araucária Farm

17

Location: Mineiros / Go

Area: 9.682 ha

Arable area: 7.205 ha

Acquisition value: R$ 70 million

Acquisition + CAPEX (Apr/07)

Sale Nominal Value (Apr/13)

R$ 3.8 MM R$ 10.3 MM

Real estate value created

R$ 6.5 MM

Sold Area (Apr/13)

Total: 394 ha Arable: 310 ha

(1)internal rate of return (real estate + production) from the first disbursement to the expected receipt of the last installment in accordance with soybean futures curves (CBOT) and the exchange rate

Appreciation = 271% IRR = 20.2%(1)

• 100% with

sugarcane

• 226 Km of

internal roads

• 220 – 280

direct jobs

Current At acquisiton

GO

Mineiros

Case Study – Cremaq Farm

18

• 21.3 thousand ha

planted with

grains

• Warehouse

facility with a

storage capacity

of 1.2 million

bags of

soybean/corn

• 120 Km of

internal roads

• 120-180 direct

and indirect

employees

Acquisition + CAPEX (Oct/06)

R$ 11.1 MM

Real estate value created

R$ 26.3 MM

Sold Area (May/13)

Total: 4,895 ha

Arable: 3,201 ha

Sale Nominal Value (Apr/13)

R$ 37,4 MM

Appreciation = 337% IRR = 23.8%(1)

(1)internal rate of return (real estate + production) from the first disbursement to the expected receipt of the last installment in accordance with soybean futures curves (CBOT) and the exchange rate

Location: Baixa Grande do Ribeiro/ PI

Total Area: 32.702 ha

Arable Area: 21.823 ha

Acquisition Value: R$ 42 million

At acquisition Current

Baixa Grande do Ribeiro

PI

Financial Results

19

Adjusted EBITDA (R$’000)

EBITDA (R$’000)

Year ended June 30th, 2013 and 2012

(1) A Adjusted EBITDA includes depreciation made of grains and sugar cane harvested from Nova Buriti and Preferencia and administrative.

2013 2012 Change

Gross profit 73.767 19.678 275%

Selling expenses (14.028) (4.015) 249%

General and administrative (29.233) (28.892) 1%

Other operating revenues/expenses (3.539) 10 n.a.

Depreciations 27.997 27.398 2%

EBITDA 54.964 14.179 288%

2013 2012 Change

Gross profit 73.767 19.678 275%

Elimination of gains on biological assets (grains and sugarcane planted) (15.342) 5.068 n.a.

Selling expenses (14.028) (4.015) 249%

General and administrative (29.233) (28.892) 1%

Other operating revenues/expenses 204 10 1940%

Hedge results (17.998) (8.350) 116%

Adjusted Depreciations (1) 26.343 25.693 3%

Adjusted EBITDA 23.713 9.192 158%

Financial Results

20

Net Revenues

(R$ million)

Adjusted EBITDA

(R$ million)

36.7

79.5

172.3

185.6(2)

122.8(1)

09/10 10/11 11/12 12/13

308.4

-29.8

22.3

9.2

23.7

09/10 10/11 11/12 12/13

(1) Farm sale. (2) Agricultural products sale.

Brazil Competitive Advantages

Agricultural Products Ranking

22

Brazil is among the leading countries in several different agricultural activities, figuring among the top

producers and exporters for most of the agricultural products

Soy Corn Coffee

Country Production Net Exports Country Production Net Exports Country Production Net Exports

Brazil 1st 1st USA 1st 1st Brazil 1st 1st

USA 2nd 2nd China 2nd Vietnam 2nd 2nd

Argentina 3rd 3rd Brazil 3rd 3rd Indonesia 3rd 3rd

China 4th E.U. 4th Colombia 4th 4th

India 5th Argentina 5th 2nd Ethiopia 5th

Paraguay 6th 4th Mexico 6th Honduras 6th 5th

Canada 7th 5th India 7th 5th India 7th 7th

Sugar Meat* Orange Juice

Country Production Net Exports Country Production Net Exports Country Production Net Exports

Brazil 1st 1st China 1st Brazil 1st 1st

India 2nd 3rd USA 2nd 2nd USA 2nd 2nd

E.U. 3rd 5th Brazil 3rd 1st E.U. 3rd 4th

China 4th Germany 4th 3rd Mexico 4th 3rd

Thailand 5th 2nd Russia 5th China 5th

USA 6th India 6th South Africa 6th 5th

Russia 7th Mexico 7th Australia 7th

Source: USDA, 2012

*FAO, 2010

Agricultural Farmland Potential in Brazil

23

The great amount of available arable land along a great rainfall level gives Brazil an unbeatable combination. Brazil has the potential to more than double its grain area only by converting pastures alone

BRAZILIAN TOTAL AREA BREAKDOWN (In million ha ) BRAZILIAN TOTAL AREA BREAKDOWN (In million ha )

¹ According to our estimates, roughly 70% of total raw land area have to destined to legal reserves and can not be used for

agriculture

Source: Embrapa and FNP 2007

851

420

15 84

29

304

Total Area AmazonForestry

Pantanal Dry Land Indian reserveand consevation

units

Available Lands

119,9

78,8

104,9

Raw Land Arable Area Pastures

World Supply of Fresh Water

24

8,233

4,507

3,051

2,902

2,838

2,830

2,132

1,913

1,897

23,563

Source: FAO

Renewable Water Resources

(bn m³/yr)

Total = 55,149

NY004JD1NY004JD1NY004JD1

% World's North

America

South

America Europe Africa Asia

Australia &

Oceania

Water 15% 26% 8% 11% 36% 5%

Population 8% 6% 13% 13% 60% 1%

Ratio 1,9x 4,3x 0,6x 0,8x 0,6x 5,0x

Regions with abundance of fresh water in excess of population needs have a favorable position by

exporting water in the form of commodities

Others

Farmland Investments

Farmland Investment

Farmland, as an asset class, distinguishes itself among other alternatives as having an

outstanding risk/return profile

Source: Bloomberg, USDA, Damodaran and BrasilAgro analysis

NOTE 5: Data on Farmland – USA considers only the land prices from 1990 until 2010.

NOTE 6: Data on Farmland (TR – Total Return) – USA considers the land prices and an hypothetical

leasing from 1990 until 2010

NOTE 7: Data on S&P 500 (TR – Total Return): 1936-2010.

NOTE 1: Data on Agricultural, Metals and Energy Index: 1999-2010.

NOTE 2: Data on T-bill 10Y: 1927-2010.

NOTE 3: Data on Debt Bonds 7-10 y: 1992-2010.

NOTE 4: Data on Housing Prices: 1988-2010.

RISK & RETURN

Farmland - USA

Farmland (TR) - USA

T-bill 10Y

Debt Bond 7-10Y

Housing Prices - USA

S&P 500 (TR)

Agricultural Index

Energy Index

Metals Index

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 35,0% 40,0%

Retu

rn

Risk

26

Farmland Prices

27

LAND APPRECIATION PER REGION

Last 12 months

Average: +15.2%

Average: +27.8%

Average: +13.3%

Average: +15.0%

Average: +13.3%

Source: FNP

HISTORICAL FARMLAND PRICES

In R$ / ha

Source: FNP

-

5.000

10.000

15.000

20.000

25.000

30.000

Mar

-Ap

r 2

00

6

Jul-

Au

g 2

00

6

No

v-D

ec 2

00

6

Mar

-Ap

r 2

00

7

Jul-

Au

g 2

00

7

No

v-D

ec 2

00

7

Mar

-Ap

r 2

00

8

Jul-

Au

g 2

00

8

No

v-d

ec

20

08

Mar

-Ap

r 2

00

9

Jul-

Au

g 2

00

9

No

v-D

ec 2

00

9

Mar

-Ap

r 2

01

0

Sep

-Oct

20

10

Jan

-Feb

20

11

Jul-

Au

g 2

01

1

No

v -

Dez

20

11

Mar

- A

br

20

12

Jul -

Ago

20

12

No

v -

Dez

20

12

Mineiros (grain area) Roda Velha (native vegetation)

Roda Velha (grain area) Balsas (native vegetation)

Sorriso (grain area)

AC

AM

RO

MT

PA

RR AP

RS

SC

PR

SP RJ

ES MG

MS

GO

TO

MA

PI CE

RN

PB

PE

AL

SE BA

: Federal District

Farmland Prices

28

Source: USDA, U.S. Bureau of Labor Statistics

US CORN BELT FARMLAND PRICES IN REAL TERMS

Mature farmland prices have increased in real terms over time

Given that there has not been any

transformational change in the

farms, why is there a “baseline”

appreciation?

0

1.000

2.000

3.000

4.000

5.000

6.000

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

US$/Acre

Farmland Price Value Drivers

29

Commodity price is not the value driver for farmland price appreciation

Source: Bloomberg, USDA

SOYBEAN PRICES & US CORN BELT FARMLAND PRICES IN REAL TERMS (1992 = 100)

Historically, farmland prices have consistently outperformed soybean prices

0

25

50

75

100

125

150

175

200

225

250

275

300

325

Soybean Price

US Corn Belt Value

Farmland Price Value Drivers

30

The high correlation between soybean and fertilizers indicates that higher soybean prices does not reflect on

higher cash flow per hectare and vice versa

SOYBEAN PRICE & FERTILIZERS PRICE

Source: Bloomberg

450

650

850

1050

1250

1450

1650

1850

0

200

400

600

800

1.000

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

cts/bu US$/ ton

NPK (US$ / ton.) Soybeam price (cents / bushel)

Farmland Investments

31

The main driver pushing farmland prices upward is the increasing world grain area

Higher demand

for grains

Not enough

growth in

productivity

New areas in

production

Productivity

Producing cost

Commodity price

Combination of factors to make the

new areas economically viable

Higher cash flow

to all agricultural

area

New production

areas have

higher

producing cost

in $ per ton

Higher

farmland

prices

Farmland Price Value Drivers

32

The main factor pushing farmland prices upward is the world production area increase

WORLD PRODUCTION AREA & CORN BELT FARMLAND PRICES (US)

Source: USDA, FAO

Given that new areas have higher production cost (USD / Ton), the expansion on the world agricultural area requires a combination of factor (price, cost, productivity) capable to generate a positive cash flow to this newly opened areas. This same combination of factors should increase the earnings and, therefore, the farmland prices for agricultural area as a whole.

500.000

520.000

540.000

560.000

580.000

600.000

620.000

640.000

660.000

680.000

700

1.200

1.700

2.200

2.700

3.200

3.700

4.200

4.700

5.200

US$ per hectare World Production Area (Ha '000)

Higher Demand for Food

33

Meat demand¹ is highly correlated with per capita GDP – higher levels of income provides richer protein diets

¹ I’s worth notice that approximately: 1.3 and 5.4 kilogram of soybean and corn, respectively, are needed to produce 1 kg of beef; 0.7 and 2.5 kilogram of soybean and corn, respectively, are needed to produce 1

kg of pork; 0.6 and 1.1 kilogram of soybean and corn, respectively, are needed to produce 1 kg of poultry.

MEAT PER CAPITA CONSUMPTION IN 2009

In kg / capita / year and US$ per capita / year

Source: FAO, USDA and BrasilAgro analysis

y = 16,378ln(x) - 96,548 R² = 0,7219

0

20

40

60

80

100

120

140

0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 50.000

Higher Food Demand

34

Food demand will remain rising as developing countries drive the world economic growth

According to IMF projections, countries with GDP per capita of less than US$10,000 will be responsible for more than 51% of world GDP growth for the next 6 years;

WORLD GDP GROWTH BREAKDOWN (In %)

Source: IMF

22% 25%

54% 51%

78% 75%

46% 49%

1980-1990 1991-2000 2001-2010 2011-2017(E)

Countries with GDP per capita < US$10.000 Countries with GDP per capita > US$10.000

Productivity growth vs. Demand growth

35

Productivity growth has not been enough to offset the increasing demand. This shortage is expected to increase within the next ten years

Source: FAO, USDA and BrasilAgro analysis

NOTE 1: 2022 scenario is based on USDA projections

40%

-1%

22%

51%

46%

60%

101%

78%

49%

54%

Total area growth

(millions of ha) Production Growth

(% p.y.)

Productivity Gains

(% p.y.)

How this growth will

occur?

Productivity Gains

Growth Area

65.9

-3.5

23.5

75.4

52.0

Land appreciation in real

terms in the Corn Belt USA

7,20%

-7,05%

2,87%

6,68%

???

1,86%

1,84%

1,35%

1,40%

0,91%

3,14%

1,77%

1,76%

2,64%

1,61%

From 1971 to 1981

From 1981 to 1991

From 1991 to 2001

From 2001 to 2011

From 2011 to 2022

Productivity growth vs. Social development

36

Literacy rate¹ Extreme rural poverty²

Million % Average (%) Average (%)

Low 1.372 12,4 41,5% 74,2% 35,3%

Regular 1.373 8,5 28,4% 82,4% 17,5%

Average 1.371 5,0 16,7% 90,8% 4,9%

High 1.373 4,0 13,4% 93,1% 1,8%

Total 5.489 29,9 100,0% 85,1% 15,5%

Rural

development

level (IDR)

Number of

cities

Rural resident population

PRODUCTION vs. INPUTS

(Index = 100)

The increase in productivity made a huge social impact in the country. The higher the rural development

level the lower the literacy and poverty rate.

50

100

150

200

250

300

350

400

450

1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

Production Inputs (labor force, land and capital)

Productivity

SOURCE: CNA, Gasques, J.G, E.T.; Valdez, C.; Bacchi, M.R. “Produtividade da Agricultura brasileira e os efeitos de algumas políticas

1 Persons over ten years

2 Proportion of people in poverty conditions

RURAL DEVELOPMENT INDEX

Contacts

37

Investor Relations

ri@brasil-agro.com

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas

Avenida Brigadeiro Faria Lima, 1.309

5o. Andar - CEP 01452-002

São Paulo - SP – Brazil

Telephone: +55 (11) 3035-5374

Fax: +55 (11) 3035-5366

www.brasil-agro.com

Disclaimer – Forward Looking Statements

38

This presentation may contain certain forward-looking statements and information relating to BrasilAgro – Companhia

Brasileira de Propriedades Agrícolas (“BrasilAgro” or the “Company”) that reflect the current views and/or expectations of the

Company and its management with respect to its business plans. Forward-looking statements include, without limitation, any

statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like

“believe”, “anticipate”, “expect”, “envisage”, “will likely result”, or any other words or phrases of similar meaning. Such statements are

subject to a number of significant risks, uncertainties and assumptions. We caution that a number of important factors could cause

actual results to a differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In

any event, neither the Company nor any of its affiliates, directors, officers, agents or employees shall be liable before any third party

(including investors) for any investment or business decision made or action taken in reliance on the information and statements

contained in this presentation or for any consequential, special or similar damages. The Company does not intend to provide eventual

holders of shares with any revised forward-looking statements of analysis of the differences between any forward-looking statements

and actual results.

This presentation ad its contents are proprietary information and may not be reproduced or otherwise disseminated in

whole or in part without BrasilAgro’s prior written consent.