Why exact functor have both adjoints?

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I have an exact functor $F:\mathcal{A}\to \mathcal{B}$ between abelian categories. Does it necessary that $F$ have both left adjoint and right adjoint? if so why? I am new to abelian categories I am not able to justify/think on it.

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This is not true in general. If $P$ is projective finitely generated $R$-module, then the functor

$$Hom(P,-): Mod_R \to Ab$$

is exact, however, it only preserves direct sums if $P$ is finitely generated. So if $P$ is not finitely generated, $Hom(P,-): Mod_R \to Ab$ is exact, but does not admit a left adjoint.