TFI AGRO S.A.

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Appraisal of the Fund units

Appraisal Day Unit Value * Sale (Disposal) Price Repurchase Price
2012-05-16 210,580.30 210,580.30 210,580.30
2012-05-09 210,490.55 210,490.55 210,490.55
2012-05-04 210,465.98 210,465.98 210,465.98
2012-04-25 210,278.00 210,278.00 210,278.00
2012-04-18 210,387.70 210,387.70 210,387.70
2012-04-12 210,117.44 210,117.44 210,117.44
2012-04-04 210,597.85 210,597.85 210,597.85
2012-03-31 210,531.36 210,531.36 210,531.36
2012-03-28 209,858.46 209,858.46 209,858.46
2012-03-21 209,341.49 209,341.49 209,341.49
2012-03-14 209,728.55 209,728.55 209,728.55
2012-03-07 209,340.35 209,340.35 209,340.35
2012-02-29 209,386.93 209,386.93 209,386.93
2012-02-22 209,637.69 209,637.69 209,637.69
2012-02-15 209,609.70 209,609.70 209,609.70
2012-02-08 209,630.86 209,630.86 209,630.86
2012-02-01 209,934.00 209,934.00 209,934.00
2012-01-25 208,683.40 208,683.40 208,683.40
2012-01-18 208,523.92 208,523.92 208,523.92
2012-01-11 208,476.69 208,476.69 208,476.69
2012-01-04 207,459.91 207,459.91 207,459.91


* The unit value shall mean the net assets value divided by the number of all participation units of the Fund (net assets value shall mean the Fund's assets value decreased by the liabilities value of the Fund).


The Fund does not guarantee achievement of investment target in future on the basis of the historical rate of return presented in the above table.