COMPANY OVERVIEW

JANUARY 2016

Strictly Confidential Plaza Independencia 737, 11000, IMPORTANT NOTICE

This presentation does not provide full disclosure of all material facts relating to Union Agriculture Group (“UAG”), the securities or the offering and is not subject to liability for misrepresentations under applicable Canadian provincial securities legislation.

This presentation contains forward looking statements which reflect the current expectations of management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate” and similar expressions have been used to identify these forward looking statements. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to UAG. Forward looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements including, without limitation, those risk factors to be listed in the prospectus to be filed by UAG. Should one or more of these or any other risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward looking statements contained in this presentation. These factors should be considered carefully and prospective investors should not place undue reliance on these forward looking statements. Although the forward looking statements contained in this presentation are based upon what management currently believes to be reasonable assumptions, prospective investors cannot be assured that actual results, performance or achievements will be consistent with these forward looking statements. These forward looking statements are made as of the date of this presentation and UAG does not assume any obligation to update or revise, except as required under applicable securities laws. All currency figures are in US dollars unless indicated otherwise.

Non-IFRS Measures

In addition to using financial measures prescribed by IFRS, references are made in this overview to “EBITDA”, “Net Asset Value” and “NAV”, which are measures that do not have any standardized meaning as prescribed by IFRS. Accordingly, the Company’s use of such terms may not be comparable to similarly defined measures presented by other entities.

Company Overview - Strictly Confidential 2 HIGHLIGHTS UNION AGRICULTURE GROUP IS THE LARGEST CORPORATE AGRICULTURAL LANDHOLDER AND OPERATOR IN URUGUAY

MANAGED LAND TOTAL NUMBER OF FARMS

171,000(APPROX.) OVER 100 HECTARES

SOY PRODUCTION RICE PRODUCTION

120,000(APPROX.) 37,000(APPROX.) TONNES TONNES

BEEF CATTLE WHEAT PRODUCTION

67,530 20,000(APPROX.) TOTAL HEADS TONNES

SHEEP NET ASSET VALUE* 13,494 US$ 503 TOTAL HEADS MILLION

REVENUE US$ 183.8

MILLION 3 Notes: All information on this page as at June 30, 2015 or for the twelve months ended June 30, 2015 * NAV and EBITDA are non-IFRS financial measures. See “Non-IFRS Measures”. COMPANY OVERVIEW WE HAVE INCREASED OUR PARTICIPATION IN THE AGRIBUSINESS VALUE - CHAIN TO BECOME A SIGNIFICANT, FULLY - INTEGRATED EXPORTER OF HIGH QUALITY AGRICULTURAL GOODS TO THE WORLD

STRATEGIC RATIONALE

+ Benefit from historical trends in rising: 127,000 HA* OF OWNED FARMLAND (APPROX.) • Land prices in Uruguay driven by international demand, demographics; and • Commodity prices over the long term

44,000 HA OF LEASED FARMLAND + Increase volume and economies of scale in operations and (APPROX.) production

+ Extend operations from the farm gate across the whole GRAINS RICE MEAT value chain to a finished, loaded and commercialized product

SLAUGHTER HOUSE + Ongoing integration through various sectors covering the 100% 36% entire agriculture value chain Fully integrated Industrial rice Uruguayan processor and the Currently under trading & logistics second largest rice consideration company exporter in Uruguay

* Land owned directly or indirectly by UAG Company Overview - Strictly Confidential 4 URUGUAY HIGHLIGHTS URUGUAY IS A COUNTRY WITH UNIQUE COMPETITIVE ADVANTAGES FOR AGRICULTURAL INVESTMENTS

LARGER FARM SIZES LEADS TO ECONOMIES OF SCALE PRODUCTION HIGHLIGHTS(2) + Large farms account for 60% of Uruguay farmland

SOYBEANS SHORTER DISTANCES TO PORT + 2.8 million tonnes of production + Strategically located and robust infrastructure + US$ 1.9 billion in exports

STRONG BIOLOGICAL GROWTH + Fertile soils, regular rainfall and maritime climate WHEAT POLITICAL STABILITY + 1.0 million tonnes of production + Three consecutive presidential terms with Frente + US$ 0.3 billion in exports Amplio majority government

LOW CORRUPTION RISK + Uruguay’s perceived level of corruption ranks on RICE par with Chile – just one rank below the U.S.(1) + 1.4 million tonnes of production ECONOMIC STABILITY + US$ 0.5 billion in exports + S&P’s credit rating on Uruguay upgraded to BBB with a Stable outlook in June 2015 SUSTAINABLE POWER GENERATION + 95% of electricity generation from renewable MEAT sources + Over 1,217,000 MT CWE(3) produced

+ US$ 1.5 billion in exports (1) Source: Transparency International (2014) (2) Source: Uruguayan Ministry of Agriculture (MGAP), DIEA Report (2014) (3) Carcass-Weight Equivalent 5 GOVERNANCE AND MANAGEMENT OPERATIONAL TEAM COMPRISED OF TOP TIER INDUSTRY EXPERTS

Juan Sartori Julio de Brun BOARD OF DIRECTORS Roberto Vazquez Jerome Tordo Ned Goodman Oscar Leon Edgardo Cardozo Shoulin Zhang Oscar Costa Jean Bragard

Oscar Costa CEO MANAGEMENT

Jose Pedro Sanchez Oscar Leon Vice CEO CFO

Santiago Berreta Lucas Falabella Valentina Carro IT Director Purchasing HR Manager Manager OPERATIONAL MANAGERS Juan J. Mastropierro Edwin Borghi Pablo Dominguez Mariano Duran Juan Ignacio Buffa Regional Manager Regional Manager Regional Manager Regional Manager Regional Manager A B C D E

PROFESSIONAL SERVICES (Auditing) (Land Appraisal) (Legal) AND CONTRACTORS

(Financing) (Financing) (Tax) (Transfer Agent)

Company Overview - Strictly Confidential 6 GOVERNANCE AND MANAGEMENT UNION AGRICULTURE GROUP IS LED BY A H I G H L Y EXPERIENCED MANAGEMENT TEAM

JUAN SARTORI OSCAR COSTA OSCAR LEON EDGARDO CARDOZO

FOUNDER AND EXECUTIVE CHAIRMAN CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER TECHNICAL ADVISOR - - - - Education Education Education Education Bachelor of Business & Bachelor’s degree in Computer Certified Public Accountant, B.Eng. in Agronomy from Economics, École des Hautes Science, EST and MBA from ORT Universidad de la República Universidad de la República and Études Commerciales de University Oriental del Uruguay (UDELAR) Ph.D. in Animal Science from Lausanne Michigan State University Previous experience Previous experience Previous experience Previous experience Former Vice President of the Former Director and CFO for Founder and Executive Uruguayan Forestry Association several mining companies in Former Uruguayan Vice Chairman of Union Group and Colonel in the Uruguayan LATAM such as Compañía Minera Minister of Agriculture Army San Gregorio; Everton Professor at Universidad de la Resources; DelcoSur; Yamiri Gold República

Company Overview - Strictly Confidential 7 GOVERNANCE AND MANAGEMENT UNION AGRICULTURE GROUP IS REPRESENTED BY AN EXPERIENCED BOARD OF DIRECTORS

JUAN SARTORI OSCAR COSTA EDGARDO CARDOZO OSCAR LEON

EXECUTIVE CHAIRMAN CHIEF EXECUTIVE OFFICER DIRECTOR AND CHIEF FINANCIAL OFFICER AND DIRECTOR AND DIRECTOR TECHNICAL ADVISOR AND DIRECTOR

[To Be Provided]

JÉRÔME TORDO JEAN BRAGARD ROBERTO VAZQUEZ JULIO DE BRUN SHOULIN ZHANG NED GOODMAN

DIRECTOR LEGAL COUNSEL DIRECTOR DIRECTOR DIRECTOR DIRECTOR AND DIRECTOR

Previous experience Previous experience Previous experience Previous experience Previous experience Previous experience President, Cypanga SAS; Partner, Bragard & Duran Chairman of the Board and Executive Director, Managing Director, China Founder, director and Co-founder, Sycomore Abogados; Former Chief Executive Officer, Uruguayan Private Banks Investment Corporation; former President and Asset Management Partner, Sanguinetti, Uruguay’s National Meat Association; Former Former Managing Chief Executive Officer of Fodere & Bragard Institute Governor, Central Bank of Director, Barclays Capital Dundee Corporation; Abogados Uruguay Over four decades of experience as a securities analyst, asset manager, senior executive, geologist and as an investor. Company Overview - Strictly Confidential 8 COMPANY OVERVIEW UNION AGRICULTURE GROUP IS THE LARGEST CORPORATE AGRICULTURAL LANDHOLDER AND OPERATOR IN URUGUAY

INTERCONNECTED PRODUCTION NETWORK 171,000 HECTARES CONSOLIDATED SINCE 2008

200 OWNED LAND 175 LEASED LAND 51 150 44

125

100 11 13

75 130 127 HECTARES HECTARES (‘000S) 50 98 85 89 94 25 34 0 8 2008 2009 2010 2011 2012 2013 2014 2015

URUGUAY’S LEADING CORPORATE FARMLAND OWNER

UAG 127

NZ FARMING SYSTEMS 28

FRIGORIFICO MODELO 25

CAMPOS ORIENTALES 23

0 25 50 75 100 125 HECTARES (‘000S) Source: Company data

Company Overview - Strictly Confidential 9 GRAIN OPERATIONS

STORAGE CAPACITY + Granosur sells all of UAG’s soybean, wheat, and sorghum and also originates grain, beef, lamb, rice, and barley from third parties 81,000 + Client list includes four renowned global grain traders and a number of large domestic processors/traders TONNES TRANSPORTATION* + Traded products include: beef, lamb, soybean, wheat, rice, maize, sorghum and barley and trades from Uruguay 300 + Provides funding to farmers against grain contracts (rigorous financing process) TRUCKS DAILY

+ Owns and operates > 81,000 tonnes of grain storage capacity across 5 locations REVENUE**

+ Sells input goods to farmers including fertilizer, herbicides, seeds, insecticides, and fungicides US$116.5 + Strong logistics platform with 10 owned trucks and access to over 300 during harvest MILLION + Granosur was acquired by UAG in three tranches and is now a 100% owned subsidiary

Grain Livestock Silo Plants Input Goods Logistics & Beef Trading Truck Trading Trading Management Trading Exports & Exports Transport

* Owned and contracted trucks Company Overview - Strictly Confidential ** For the year ended June 30, 2015 10 RICE OPERATIONS

ANNUAL PROCESSING CAPACITY

+ Casarone is a private company that was founded in 1959 200,000

+ It is the second largest rice exporter in Uruguay TONNES “WE DELIVER ON OUR PROMISES“ + Operates rice processing mills in three locations with combined annual capacity of 200,000 EXPORTS tonnes

+ Also owns and operates over 20,000 hectares of land on which it grows rice, sorghum and > 100,000 grazes cattle TONNES OF FINISHED PRODUCTS & BYPRODUCTS PER YEAR + Products for sale include: unhusked rice, hulled rice, parboiled rice, broken rice, rice oil and REVENUE* packaged rice

+ UAG currently owns a 36% stake in Casarone US$ 60.7

MILLION

OPERATIONS

o Rice received from owned farms and third parties Industrial o Drying, storage, milling and delivery Production o Milling is made up of the following steps: husking, polishing, broken sorting, color sorting and packing

o P r o d u c t s exported to , Middle East, Brazil and Europe Marketing o Marketed under the Casarone brand or third - party brands

* For the year ended February 28, 2015 Company Overview - Strictly Confidential 11 CATTLE AND SHEEP OPERATIONS

+ Total heads of cattle is 67,530 across 3 feedlots and multiple farms all owned and HEADS OF CATTLE* operated by UAG 67,530 + UAG sells cattle both under the European Union’s High Quality Beef system (Quota 481) as “WE DELIVER ON well as non-quota STOCK OUR PROMISES“ SHEEP* + UAG’s cattle segment consists of breeding, purchasing and fattening beef cattle for sale to meat processors and local livestock auction markets 13,494

+ UAG uses sheep for the production of both wool, suitable for different textile products, STOCK and lamb meat, an important and profitable Uruguayan export REVENUE**

US$ 33.8

OPERATIONS MILLION

Cattle

Sheep

* As at June 30, 2015 ** For the year ended June 30, 2015 Company Overview - Strictly Confidential 12 OPERATIONS COMPREHENSIVE MANAGEMENT INFORMATION SYSTEM DEVELOPED IN- HOUSE COUPLED WITH SAP RUN SYSTEMS

+ UAG MIS records real-time farming activities + Tracks volume harvested, logistics and management of clients and contracts + Provides real-time information on livestock per farm, including, weight evolution and sanitary activity + Works on top of the enterprise resource planning system (ERP) + Reflects immediately in accounting system + Provides user-friendly way of entering, viewing and analysing information

+ Improves process standardisation, efficiency and adaptability

+ Improves financial management and corporate governance

+ Provides tailor-made market insight analysis across all crops and livestock

+ Running SAP allows for state-of-the-art software, finance and production control

+ Provides a user-friendly platform for entering, viewing and analysing information

MANAGEMENT INFORMATION SYSTEM ACCOUNTING IMPROVES MONITORING OF BUSINESS ACTIVITIES ACROSS REGIONS AND FARMS TO TRACK PROFITABILITY Company Overview - Strictly Confidential 13 FINANCIALS FINANCIAL HIGHLIGHTS

US$ m EVOLUTION OF REVENUES BREAKDOWN OF SALES 2015 (% OF US$) 200

2%

150 21% Soybean 28% Wheat 100 Rice 183.8 Cattle 150.8 Trading 50 4% Rice processor 78.4 64.9 6% Others 0.4 6.9 31.1 30% 0 9% 2009 2010 2011 2012 2013 2014 2015

KEY FINANCIAL INDICATORS NAV EVOLUTION US$ m US$ 14 700 11.49 11.14 2009 2010 2011 2012 2013 2014 2015 11.18 10.55 12 600 10.48

10 NAV PER SHARE 500 8.13 REVENUES 0.4 6.9 31.1 64.9 78.4 150.8 183.8 8 400 7.26 6 300 573 TOTAL NAV TOTAL 567 503 GROSS -0.7 1.9 6.3 8.4 6.2 16.9 -7.8 440 4 MARGIN 200 406 100 194 2 84 EBITDA* -2.1 -1.4 -3.6 5.3 4.3 8.7 -23.1 0 0 2009 2010 2011 2012 2013 2014 2015

* NAV and EBITDA are non-IFRS financial measures. See “Non-IFRS Measures”. * * Company Overview - Strictly Confidential 14 CORPORATE GROWTH STRATEGY U A G HAS BECOME AN INDUSTRY LEADER IN

GROWTH STRATEGY

o Completed the acquisition of an additional 32,000 ha 1 . EXPAND OPERATIONAL SCALE o Currently integrating an additional 35,000 ha of leased l and

o Completed the acquisition of Granosur, a fully integrated Uruguayan grain trading & logistics c o m p a n y o Acquired minority stake in C a s a r o n e Agroindustrial through three transactions 2 . ENHANCE PARTICIPATION IN VALUE - CHAIN between 2014 and 2015 • Currently exploring the option of growing UAG’s ownership in this business

o Optimizing yield in rice and crops

3 . MAXIMIZE SUSTAINABLE PROFITABILITY o Optimizing of meat production through implementation of feedlot facilities o Producing seeds f o r s a l e o Implementing environmental management system

4 . REMAIN EMPLOYER & PARTNER OF CHOICE o Continue attracting talent as well as training and developing workforce

Company Overview - Strictly Confidential 15 APPENDIX URUGUAY HIGHLIGHTS URUGUAY IS A LEADING GLOBAL BEEF PRODUCER IN BOTH QUALITY AND QUANTITY

URUGUAY BEEF EXPORTS BY DESTINATION IN 2014 (US$)***

+ World’s 6th largest beef exporter, exporting to 120 countries*

+ Meat exports reached approximately US$1.5 billion in 2013, representing 17% of total Uruguayan exports**

+ Average of 15,000 m2 of pastures per cattle**

+ Leader in traceability with individual ear-tag-based animal identification programme since 2007***

* Source: USDA (2013) ** Source: Uruguayan Ministry of Agriculture (MGAP), DIEA Report (2014) *** Source: National Meat Institute of Uruguay (INAC)

Company Overview - Strictly Confidential 17 URUGUAY HIGHLIGHTS URUGUAY CLIMATE, WATER SUPPLY AND SOIL QUALITY

IDEAL CLIMATE AVERAGE MONTHLY TEMPERATURE AVERAGE MONTHLY RAINFALL (in Fahrenheit) (in mm) Ideal climate allows for two harvests 119 annually vs. one harvest in other parts of 76 75 108 70 65 88 84 the world 78 53 72 109 74 73 50 102 105 70 66 71 94 64 63 87 89 88 89 40 61 86 83 86 84 + Moderate temperatures 30 58 56 40 45 27 53 52 54 29 36 24 26 18 + Abundant rainfall

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov

Montevideo (Uruguay) U.S. Midwest Montevideo (Uruguay) U.S. Midwest Source: World Meteorological Organization, 30 year average Source: World Meteorological Organization, 30 year average

ABUNDANT WATER SUPPLY SOIL QUALITY RANKING

+ Uruguay lies on top of two of the world’s largest reserves of freshwater, the Guarani aquifer and #1 Uruguay the Raigon aquifer #2 Guyana #3 Ireland

+ The country uses only 2.6% of its renewable water resource per annum* #4 Lithuania

#5 Belarus # 1 soil + Land owner has full control rights over the water within his property in the #14 Brazil world * Source: CIA World Factbook … …

#17 Paraguay

… …

#34 Argentina

Source: FAO World Soil Resources Report (2000)

IDEAL CHARACTERISTICS FOR AGRICULTURAL PRODUCTION, WITH ABUNDANT RAINFALL, MODERATE TEMPERATURES AND QUALITY SOIL

Company Overview - Strictly Confidential 18 WWW.UNIONAGROGROUP.COM

Plaza Independencia 737 Montevideo 11000 URUGUAY