FY17 Conference CallSeptember 11, 2017

Hosted by: Alejandro Elsztain, CEO

Carlos Blousson, General Manager of Argentina & Bolivia

Matías Gaivironsky, CFO

Main Events FY17

2

Main events - 2017

Urban Properties & Investment

Argentina Business Center:

EBITDA from rental segment grew by 27.8% in FY17

vs FY16. Occupancy reached 98.5% in Malls, 96.2%

in offices and 67.2% in the hotels’ portfolio.

Israel Business Center (Consolidated 12M 17 vs 6M16):

After Adama Sale (agrochemicals’ company) from

Discount Corporation (DIC), IDBD group improved its

financials figures and came up to the capital markets.

Main challenges for 2018: Clal and the execution of the

proposal to meet the requirement of the Concentration

Law

Consolidated Financial Results:Net result for FY17 registered a gain of ARS 5,028 million

compared to a gain of ARS 8,537 million in 2016 mainly

explained by:

- Lower results from changes in the fair value of

investments properties compensated by:

- Higer results from Adama sale and the increase in Clal

share price, valued at market value.

Investment Properties Valuation Method

We decided to change the valuation method for the

investment properties from historical cost to reasonable

value, which was reflected in the company’s financial

statements as of the IVQ of FY17

Agribusiness

Farmland Development

We have sold farms during the year for ARS 479 millones,

registering a net gain of ARS 280 million.

During the year, our subsidiary Brasilagro acquired a farm

of 17,566 ha of crop activity in the state of Maranhão for

R$ 100 million

We have developed 13,326 ha in the region, 62% above

previous year

Farming

The 2017 campaign presented good climate conditions in

the region, except in Bolivia where climate was adverse.

We have planted 203,000 ha and developed 13,326 ha in

the region.

Portfolio Evolution FY 2017

Portfolio Evolution(Owned and Long term Lease – Th. ha)

754

763

754

17,6 2,9 0,1 1,6 0,62,7

9,4

Total Ha FY

2016

Acquisition

Sao Jose

El Invierno y

La Esperanza

Sale

Mendoza

Farmland

Sale

Partial Sale

Araucaria

Partial sale

Jatobá

Cuatro

Vientos Farm

Total Ha FY

2017

Subsequent

Sale: La

Esmeralda

Proyected

Ha FY 2018

Acquisitions

Sales

3

Current Portfolio Breakdown FY 2017 – In Hectares

By type of property By country

By use of the land By productive activity

624,77074%

7,7731%

83,46610%

132,00016%

Owned Leased to 3rd parties

Leased Long Term concession

612,43572%

166,16920%

9,8751%

59,4907%

Argentina Brasil Bolivia Paraguay

376,53244%

471,43756%

Productive Reserve

187,98150%

102,51627%

86,03623%

Agriculture Cattle Others (Milk & Wool)

4

Portfolio Appraisal

5

Disclosure of independent appraisal of our portfolio of Owned Farms and Long term lease

Appraisers

Argentina & Bolivia Farmland (Compañía Argentina de Tierras – CAT)

Brazil & Paraguay Farmland DELOITTE TOUCHE TOHMATSU)

32

43

320

378

0 50 100 150 200 250 300 350 400

Farms in Bolivia

Farms in Paraguay

Farms in Argentina

Farms in Brazil

Consolidated Valuation – USD million

32

19

320

164

0 50 100 150 200 250 300 350

Farms in Bolivia

Farms in Paraguay

Farms in Argentina

Farms in Brazil

Valuation for Cresud' stake – USD million

As of June 30, 2017, the independent valuation for CRESUD consolidated regional farmlandreached the sum of USD 773 million (USD 535 million for CRESUD direct stake)

Farmland Acquisition during FY17

Balsas

Farm São José

São José Farm(São Raimundo das Mangabeiras/MA)

Lease & PartnershipAcquisition – Farm São José

Location: São Raimundo das Mangabeiras/MA

Arable Area: 15,000 hectares

Value: 10% of the total supply

Project : Sugarcane

Total Area: 17,566 ha | Arable: 10,000 ha

Value: R$ 100 million (R$/arable ha 10,000)

Project: Grains, Sugarcane

6

Regional Farmland Sales during FY 2017

7

1 1,1

9,75 1,1

4,5

62,2

14,24,1%

11% 11%

El Invierno y La Esperanza (July '16) Finca Mendoza Cuatro Vientos (July '17)

Book Value Land appreciation gain IRR (USD)

4 3 1,2

139,9

8,9

17

12,910,1

11,70% 12,08%9,23%

Araucaria (May '17 - partial) Araucaria (March '17 - partial) Jatobá (July '17 - partial)

Book Value Land appreciation gain IRR USD

Farmland Sales in Argentina & Bolivia (USD million)

Farmland Sales in Brazil (BRL million)

Subsequent event: Farmland Sale in Argentina

8

o July 2017: Sign of agreement & payment of USD 4 million

o Balance of USD 15 million financed with a mortgage in 4

installments at 4% fixed rate due 2022

o Sign of Deed: June 2018

o Results will be recognized in the 4Q18

o Book Value: ARS 52 million

La Esmeralda FarmlandUSD 19.0 million (USD/ha 2,031)

Regional Farmland Prices – USD/ha

9

Farmland Sales(USD million)

Regional Farmland Prices – USD/ha

15.900

5.837

10.000

4.000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Argentina - Corn Belt

Brasil Corn Belt

Paraguay Corn Belt

Bolivia Corn Belt

Farmland Sales(USD million)

Farmland Sales(USD million)

7 1234

8

62

147,2 6,60,3

3,513,3 14,0

27,8

13,1

72,1

19,79,7 7,6

0,5 4,7

20,626,1

61,7

21,3

133,8

34,1

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Profit USD M Sales USD M

Farmland Development

Land Transformation Evolution(Accumulated ha overall the region)

40.576

59.625

88.124

119.111

147.321

170.974

191.274

206.674

218.274226.474

239.774

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

CAGR (07-17’)+19,4%

Land Transformation 2017 vs 2016(Ha by country)

3,22,1

3,6

9,6**1,4

1,6*

8,2

13,3

FY 2016 FY 2017E

Argentina

Brazil

Paraguay

** 3,300 terminadas y 6,300 pendientes de terminación

10

After CRESCA division (partnership between Brasilagro & Carlos Casado)

during FY17

Farming: Production Forecast & Global Stocks

CornSoybean

-2% -4% -6%

Var % YoYVar % YoY

-1% -6% -1%

USDA Production Forecast

Stock / ConsumptionStock / Consumption

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

US

World

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

US

World

29 41 4067

99 95

346385

362

2015/2016 2016/2017 2017/2018E

Argentina

Brazil

USA

57 58 57

97

114107107

117 116

2015/2016 2016/2017 2017/2018E

Argentina

Brazil

USA

11

Farming: Climate Conditions & Commodity Prices

ARGENTINA

BRASIL

12

Commodity Prices – USD/tn

602

373 350

490

648

560 550

351

430

345

355

346297

125134

239

327

262

188139 169

141

145 146

ene/

06

jul/

06

ene/

07

jul/

07

ene/

08

jul/

08

ene/

09

jul/

09

ene/

10

jul/

10

ene/

11

jul/

11

ene/

12

jul/

12

ene/

13

jul/

13

ene/

14

jul/

14

ene/

15

jul/

15

ene/

16

jul/

16

ene/

17

jul/

17

Soybean Corn

Var % YoY (17’vs 16’)Soybean: -19.8%

Corn: + 3.3%

Farming: Planted Area, Crop Production & Yields

13

Yields Evolution(tn/ha)

Crop Production*(Th Tonnes)

*Excluding sugar cane production** Includes production from previous season

Crop Breakdown(FY 2017 in ha)

358 377 380482

158 14839

8632 40

30

27568 589

483

612

FY 2014 FY 2015 FY 2016 FY 2017

Argentina Brazil Bolivia Paraguay

+ 27%

13

+13%

106 120

51 65

16

116

7 179

203

FY16 FY17E

Argentina Brazil Bolivia Paraguay

2,22,6

2,32,7

4,7

5,5 5,5

6,0

FY 2014 FY 2015 FY 2016 FY 2017

Soybean Corn

38%

30%

4%

2%

15%

7%4%

Soybean

Corn

Wheat

Sunflower

Sugarcane

Others

Leased to 3rd parties

Planted Area(FY 2017 in Th. ha)

Farming: Sugarcane, Cattle & Milk Production

Sugarcane Production(Th Tonnes)

17,516,3

14,0

2,2 2,0 1,5

21,5

21,824,7

jun-15 jun-16 jun-17

Milk Production

Milk Production (Lts M.) (ytd)

Daily Milking Cows (Th. Heads) (ytd)

Milk Production/ Cow / Day (Lts) (ytd)

8,38,2

8,1

70

75

83

47

52

57

62

67

72

77

82

87

6,70

6,90

7,10

7,30

7,50

7,70

7,90

8,10

8,30

8,50

jun-15 jun-16 jun-17

Milla

res

Meat Production

Beef cattle production (Th. Tn) (ytd) Total (Th. Heads)

928

1.229

1.063

jun-15 jun-16 jun-17

14

Other Segments

1515

AGRIBUSINESS GLOBAL MARKETPLACE

Seeks to become a leading online business

platform in the farming industry

More than 2000 agribusiness suppliers sell their products

through this platform

3.4 million grains traded in FY17

Strong Market share (4.2% soybean & 2,4% corn)

Results FY 17: ARS 51.2 MM (vs ARS 27.5 MM in 2016)

Cresud stake: 40.2%

Cresud stake: 59.6%

Poor results from our Meatpacking Plant in La Pampa (Argentina)

Catte price has gone up

Exchange remained stable (after the positive impact of depreciation)

Local market could not translate to price the higher costs

Results FY 17: Loss of ARS 132.6 MM (vs. Loss 65.7 MM in FY16)

Cresud 100%

Investment in IRSA: Argentina Business Center

Rental Segment: EBITDA from rental segment grew by 27.8% in FY17

vs FY16.

Occupancy reached 98.5% in Malls, 96.2% in offices

and 67.2% in the hotels’ portfolio.

Sales & Development Lower Sales of Investment Properties during FY17

compared to FY16.

Start of commercialization of Greenvielle lots (closed

community in Hudson, South of BA

International & Financials Lisptick building: Good operating figures during 2017.

Avge leases of USD/sqm 69 and 95% occupancy.

Condor Hospitality Trust (US) is flying to better hotels’

quality raising equity in the market

Investment in Banco Hipotecario generated a gain of

ARS 83 million in FY17 and market value of our

investment reached USD 180 million.

Main events - 2017

16

3 luxury hotels

Sheraton Buenos Aires

Intercontinental Buenos Aires

Llao Llao Resort –Bariloche

Land reserves

~ 700,000 sqm to be developed Premium Location in BA City

Mixed Use Project Approvals pending

Lipstick Building NYC

Condor Hospitality Trust

NASDAQ: CDOR-28.5% equity stake

CRESUD63.8%

FLOAT36.2%

Ownership

Investment in IRSA: Israel Business Center

Main events - 2017

Clal Insurance: The continuation of the legal processes in the matter of

the outline for the sale of the Company’s holdings in Clal

Insurance.

As of today, IDBD sold 10% of Clal Insurance through

the execution of two swap transaction.

The Concentration Law: The law do not allow to have more than 3 layers of public

companies (Eg: IDBD-DIC-PBC-Gav-Yam)

The selected course of action involved the sale of all the

shares of Discount Investment Corporation Ltd. (“DIC”)

at a fair value to a special-purpose corporation

incorporated in Israel, controlled by IRSA and financed

through a loan with guarantee of DIC shares.

On August 2017, Dolphin made a non binding offer to

acquire all the stake of IDBD in DIC.

The execution is subject to approval of IDBD and IRSA

board of directors

Sale of Adama: DIC sold its 40% stake in Adama to Chemchina for USD 230

mm in excess of the total loan cancellation for USD 1.17 Bn

Gain recognized at IRSA: ARS 4.2 billion

The signing of the Israir – Sun D’or transaction The signing of a transaction for the sale of Israir, within the

framework of which a net amount of approximately $42 – 45

million will be received in cash and 25% of the shares in Sun

D’or (subject to crucial terms, including the approval of the

Anti-Trust Authority.

Debt The raising of the rating, the strengthening of the liquidity, the

continuation of the lowering of the yield on the bonds and the

removal of the going concern clause and covenants.

Refinance of short term debt to 2019 at 5.40% fixed rate.

Dividends DIC paid dividends for the 1st time since 2014 for a total

amount of NIS 694 million.

17

Agroriego Farm – San Luis, Argentina

Financial Results

Change to Fair Value of our Investment Properties

Valuation of Investment Properties at Fair Value Property, Plant and

Equipment at Historical Cost

Hotels Owned FarmsOffices*Shoppings IDB Investment

PropertiesFarms leasedto 3rd parties

Land Reserves

* Includes La Rural S.A. & Lipstick building

During FY17, the Group have decided to change the valuation method of their investment properties from

historical cost to fair market value, in accordance with the International Financial Reporting Standards (IFRS).

• The subsidiary IRSA Commercial Properties has already reflected this change in the IIIQ17 and CRESUD & IRSA

is reflecting it in the fourth quarter of the fiscal year.

Valuation made by 3rd qualified independant party

AGRIBUSINESS: CAT (Argentina) & DELOITTE (Brazil)

URBAN PROPERTIES AND INVESMENTS – ARGENTINA BUSINESS CENTER: NEWMARK BACRE

URBAN PROPERTIES AND INVESMENTS – ISRAEL BUSINESS CENTER: Different appraisers

19

Change to Fair Value of our Investment Properties

20

3,294

141 39 30 4

3,588

1,718

380 325

18

IDBD Properties Shopping Malls Office buildings Land Reserves and

Properties under

development

Farms leased to 3rd

parties

Historical cost (as of March 31,2017) Fair Value

1,1x

The Group believes that this change is justifiable because it better reflects the reasonablevalue of its core assets and therefore provides more relevant information to managementand users of our financial statements.

Why we decided to change the valuation method?

12,2x

9,7x 10,8x4,6x

Investment Properties’ Valuation (USD million)As of June 30, 2017 (using ARS/USD 16,63)

Operating Income by Segment FY17 (in ARS MM)

311

AGRIBUSINESS

21

199

-200

47

-44

121

63

-4

-6

50

102

413

-85,0

-12

258

311

Farmland Sales Farming OthersIncludes Agro-Industrial,and FyO

FY2016 FY2017 FY2016Cattle

Grains Sugarcane

MilkFY2017

Agriculture Rent & Service

-90-115

Excluding Results from changes in the fair value of Investment Properties

Operating Income by Segment FY17 (in ARS MM)

317

URBAN PROPERTIES & INVESTMENTS – Argentina Business Center

Rental Segment(ARS million)

Sales & Development(ARS million)

Financial & Others(ARS million)

URBAN PROPERTIES & INVESTMENTS – Israel Business Center

+56%

2,208

1,619

-253-758

Bienes raíces Supermercados Telecomunicaciones Otros

1,559

2,434

FY16 FY17-114

-39 -145

-308FY2016 FY2017

Excluding Results from changes in the fair value of Investment Properties

22

Consolidated Financial Results FY 2017 – ARS MM

31123

Gross Profit Results from changes in Fair Value of Investment

Properties

Operating Income

Argentina Business Center

Israel Business Center

Agri-business

FY 2017FY 2016

979 55222 331 278 355

2,964 3.341

17.856

4.296

19.493

6.371

7,455

19.312

-339

374

378

3.199

11.398

23.205

17.539

5.001

20.149

9.925

Consolidated Financial Results FY 2017 – ARS MM

31124

Agri-business

Operating Income Net financial Results Net Income

Argentina Business Center

Israel Business Center

FY 2017FY 2016

Total

278355

19.493

6.371

378

3.199

20.149

9.925

-6.115-5.225

8.537

5.028

1,511 Controller

3,517 Minority

Consolidated Balance Sheet FY 2017 – ARS MM

31125

241,446

192,273

16,405

175,621

154,348

2,837

Assets Liabilities Equity controlling shareholders

March 31, 2017 June 30, 2017

5.7

32.7

March 31, 2017 June 30, 2017

Book value per share (ARS)

Cresud Stand Alone Debt as of June 30, 2017

26

AgribusinessAmount

(USD MM)

Cresud Total Debt 348.6

Cash & ST Investments 2.5

Cresud Net Debt 346.1

Debt Description

51,5

188,1

56,440,8

11,4

2017 2018 2019 2021 2022

Debt Amortization Schedule

(Cresud Standalone - USD million)

Cautionary Statement

ALEJANDRO ELSZTAIN – CEOMATÍAS GAIVIRONSKY - CFOTel +(54 11) 4323 7449

Corporate OfficesIntercontinental PlazaMoreno 877 23° FloorTel +(54 11) 4323 7400Fax +(54 11) 4323 7480C1091AAQ - City of Buenos Aires -Argentina

Independent AuditorsPricewaterhouseCoopers ArgentinaTel +(54 11) 4850 0000Bouchard 557 7º FloorC1106ABG – City of Buenos Aires -Argentina

NASDAQ Symbol: CRESYBASE Symbol: CRES

www.cresud.com.arContact e-mail: ir@cresud.com.ar

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This institutional presentation contains statements that constitute forward-looking statements, in that they include statementsregarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance.You should be aware that any such forward looking statements are no guarantees of future performance and may involve risks anduncertainties, and that actual results may differ materially and adversely from those set forth in this presentation. We undertakeno obligation to release publicly any revisions to such forward-looking statements to reflect later events or circumstances or toreflect the occurrence of unanticipated events.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-lookingstatements can be found in the companies’ Forms 20-F for Fiscal Year 2016 ended June 30, 2016, which are available for you inour websites.

Contact Information

@cresudir