This annual management’s discussion and analysis (“MD&A”) presents management’s discussion and analysis of the consolidated financial position of Ceres Global Ag Corp. (“Ceres” or the “Corporation”), the consolidated results of its operations, liquidity and capital resources, business risks and future outlook. This MD&A should be read in conjunction with Ceres’ annual audited consolidated financial statements for the years ended March 31, 2013 and 2012, which are prepared in accordance with International Financial Reporting Standards (“IFRS”) and presented on Schedule A attached to this annual report.

Riverland Ag Corp. (“Riverland Ag”) is Ceres’ largest investment, and is a wholly-owned subsidiary of Ceres. In discussing the results of operations, reference will be made to results on a consolidated basis and to results for Riverland Ag separately.

This MD&A has been prepared as of June 6, 2013. Unless otherwise indicated, dollar amounts are reported in Canadian dollars (“CAD”).