Press Release

Land is our value

Earnings Release First Six Months Fiscal Year 2011

Press Release

Cresud cordially invites you to participate in the First Six Months FY 2011, Results Conference Call
Friday, February 18, 2011 at 10:00 a.m. Eastern Time

The call will be hosted by: Alejandro Elsztain, CEO Gabriel Blasi, CFO If you would like to participate, please call 001-706-758-8485 (international) o 800-314-6696 (USA) In addition, you can access through the following webcast:
http://www.videonewswire.com/event.asp?id=76845 Preferably 10 minutes before the call is due to begin. The conference will be in English.

PLAYBACK Available until March 11, 2011 Please call 001-706-645-9291 (international) or 800-642-1687 (USA) with PIN # 44177281

Press Release

FOR IMMEDIATE RELEASE For further information Alejandro Elsztain CEO Gabriel Blasi CFO +54 11 4323 - 7449 finanzas@cresud.com.ar www.cresud.com.ar

Cresud S.A.C.I.F. y A. announces the results for the first six months of fiscal year 2011, ended December 31, 2010

HIGHLIGHTS

In ARS M Agriculture production income Agriculture results from sales Real estate business results from sales Gross profit Operating income Net Income for the period

6M 11 14.815 70,746 420,373 505,934 359,445 106,971

6M 10 -4,459 11,676 419,204 426,421 280,475 141,845

var YoY (%)

505.9% 0.3% 18.6% 28.2% -23.3%

Sales rose 22% to Ps. 956 million. Operating results increased 28%, to Ps. 359 million. Net income totaled Ps. 107 million, compared to Ps. 142 million in the same period of the previous fiscal year, mainly due to lower income from our interest in IRSA. The positive trend in crop, beef cattle and milk prices continues. Operating results from the agribusiness segments amounted to a profit of Ps. 65 million compared to a loss of Ps. 5 million in the first semester of the previous fiscal year. This seasons planted area will increase by 20% to 184,000 hectares, including 100% of planted areas by Brasilagro. Cresud increased its holding in Brasilagro to 35.75%, thus augmenting its exposure to a regional portfolio of farms with high potential for development. Cresuds agribusiness activities in the international sphere have shown improved results due to the good performance of summer crops in Bolivia. Cresud distributed dividends for Ps. 69 million, which were paid in the month of January

Press Release

Buenos Aires, February 11, 2011 - Cresud S.A.C.I.F. y A. (Nasdaq: CRESY BASE: CRES), one of the leading agricultural companies in Argentina, announces today its results for the first semester of fiscal year 2011 ended December 31, 2010.

Consolidated agribusiness sales for the period amounted to Ps. 257.9 million, 116.1% higher than those posted for the first six months of the previous fiscal year. This increase was caused mainly by farm sales of Ps. 71.1 million resulting from the sale of La Juanita farm, a 54.6% increase in the sales of crops and a 272.5% increase in the sales of beef cattle compared to the same period of the previous fiscal year.

Agribusiness production revenues amounted to Ps. 89.9 million in the period ended December 31, 2010, 112.0% higher than those recorded in the same period of the previous fiscal year. The increase is explained mainly by a 122.8% rise in grain production and a 166.9% increase in the beef cattle segment.

Consolidated sales in the real estate business were Ps. 698.0 million for the six-month period ended December 31, 2010. This represents an improvement from the Ps. 664.6 million in sales for the same period of the previous fiscal year.

Gross profit during the first six months of fiscal year 2011 amounted to Ps. 505.9 million compared to Ps. 426.4 million during the same period of the previous year. The increase of Ps. 79.5 million in the gross profit between both periods mainly reflects an improvement of Ps. 78.3 million in the agribusiness segment and of Ps. 1.2 million in the real estate business.

Operating results for the period showed a Ps. 359.4 million profit, composed of operating income of Ps. 294.2 million in IRSA Inversiones y Representaciones S.A. (IRSA)s segments for the first six months of fiscal year 2011 and a Ps. 65.3 million profit from Cresuds agribusiness activities for the same period. This represents an improvement of Ps. 79.0 million as compared to the same period of the previous fiscal year. This is explained mainly by an increase of Ps. 70.3 million in agribusiness operating results, prompted by higher prices and margins in the beef cattle segment, and the gain resulting from the sale of La Juanita farm.

Net income for the first six months of fiscal year 2011 amounted to Ps. 107.0 million, compared to a Ps. 141.8 million income posted in the same period of the previous fiscal year. This is explained mainly by the higher financial burden resulting from the issuance of debt securities by our subsidiary IRSA and lower results from our interest in subsidiaries.

Press Release

Main indicators (1)

For the six-month period ended December 31, 2010 and 2009:
6 months ended December 31, 2010 8,522 74,910 1,691 29,232 20,685 135,040 4,926 11,826 15,719 50,677 860 14,209 6,205 87,670 3,006 12,028 59,561 51,927 10,467 89,087 12,635 2,486 100,911 224,242 114,397 3,762 10,000 64,197 8,735 7,211 80,143 3,357 6 months ended December 31,2009 6,105 45,173 9,239 26,981 15,609 103,107 3,345 11,280 11,144 20,721 745 10,144 460 43,214 2,243 11,398 53,542 43,054 11,024 102,689 26,980 4,637 100,911 228,686 115,840 3,762 10,000 69,208 23,799 8,127 101,134 3,311

Description Sales Wheat Corn Sunflower Soybean Other Total Sales- Crops (tons) Sales- Cattle Beef (tons) Sales- Milk (thousands of liters) Production Wheat Corn Sunflower Soybean Other Total Production- Crops (tons) Production- Cattle Beef (tons) Production- Milk (thousands of liters) Exploited Surface Area (in hectares) Crops Own Farms (2) Leased Farms Farms under concession Cattle Beef Milk farm Own Farms Leased Farms Own Farms Sheep Own Farms Land Reserves (in hectares) Own Farms Farms under concession Surface under irrigation (in hectares) Own Farms Leased Farms Storage Capacity (in tons) Own Plants Leased Plants Stock of cattle heads Breeding stock Winter grazing stock Milk farm stock Total cattle (heads) Daily average milking cows (heads) Notes: 12Does not include Agro-Uranga S.A. (35.72% of 8,299 hectares).

% 39.6% 65.8% (81.7%) 8.3% 32.5% 31,0% 47,3% 4,8% 41.1% 144.6% 15.4% 40.1% 1,250.0% 102.9% 34.0% 5.5% 11.2% 20.6% (5.1%) (13.2%) (53.2%) (46.4%) 0.0% (1.9%) (1.2%) 0.0% 0.0% 0.0% 0.0% (7.2%) (63.3%) (11.3%) (20.8%) 1.4%

Includes the "San Cayetano", "San Rafael", "La Fon Fon" and "Las Londras" farms, respectively, located in Santa Cruz, Bolivia, and the Jerovia farm, located in the District of Boquern, Republic of Paraguay.

Press Release

Summary of Operations
Crops
In Argentina, although the drought conditions affected production forecasts, lowering them by 6% for corn and 3% for soybean according to the United States Department of Agriculture (USDA), the wheat harvest has hit record figures. The expected reduction in production at country level, which is not as serious as in the 2008 season, has been largely offset by the increase in prices, which rose 90% for corn and 48% for soybean during this period, according to CBOT quotations. For this season we have 59,561 hectares in operation in our own farms, 51,927 in leased farms and 10,467 in farms under concession, totaling approximately 122 thousand hectares. In Argentina, we have already planted approximately 8,060 hectares of wheat, 28,238 hectares of soybean and 29,948 hectares of corn. In Bolivia, thanks to double harvesting we were able to plant during the summer season, reaching approximately 15,566 hectares of soybean and 3,940 hectares of corn. If we consider the exploited hectares operated by BrasilAgro and AgroUranga S.A., the aggregate planted surface area would stand at approximately 184 thousand hectares, an increase of more than 20% compared to the hectares in operation in the previous season. Production revenues rose 122.8%, from Ps. 25.5 million to Ps. 56.9 million. This increase reflects a 103% increase in production amounts and to a 10% extent, by higher prices, reaching an average price per ton of Ps. 649. In this way, we achieved a production result of Ps. 8.7 million, spurred mostly by the international segment thanks to double harvesting. Sales revenues rose 55% as compared to the same period in the previous fiscal year, from Ps. 69.7 million to Ps. 107.9 million. This increase is explained by a 31% improvement in sales volumes and to an 18% extent, by higher prices, achieving an average sales price of Ps. 799 per ton. Therefore, income from sales tripled as compared to the same period of the previous fiscal year, from Ps. 5.9 million to Ps. 15.4 million. The lower increases in sales and production prices compared to the general evolution of commodity prices in the past year were motivated by a change in the production and sales mix, in which corn has increased its share. Gross profit for the period quadrupled, from Ps. 6.0 million to Ps. 24.1 million.

Beef Cattle
During this semester live steer prices increased by 103% in Argentina according to figures released by the Ministry of Agriculture. This improvement in prices has resulted in a reduction in heifer slaughtering rates, showing a reversion in the trend which had brought Argentine cattle stocks down to an all-time low since 1989. As of December 31, 2010 we had 101,722 hectares allocated to beef cattle production. Sales revenues increased 273% as compared to the same period of the previous fiscal year, from Ps. 10.0 million to Ps. 37.4 million. This increase is explained by a 47% improvement in amounts sold and to a 153% extent, by higher prices. Production revenues increased by 167% as compared to the same period of the previous year, from Ps. 5.5 million to Ps. 14.7 million. This increase is explained by a 34% improvement in amounts produced and to a 99% extent, by higher prices. Gross profit improved from a Ps. 4.8 million loss in the first semester of fiscal year 2010 to a Ps. 2.0 million profit in this period, explained by an improvement in production margins. Operating results of the beef cattle segment tripled as compared to the same period of the previous fiscal year, up from Ps. 13.1 million to Ps. 41.8 million. This improvement was caused mainly by holding results for Ps. 47.8 million, resulting from the strong appreciation of the stock experienced recently as a consequence of the improvement in beef cattle prices.
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Press Release

Milk
Prices have shown signs of stability, underpinned in part by the high international prices of powder milk. Operating results in the milk segment amounted to an income of Ps. 3.1 million gain in the first semester of fiscal year 2011, compared to a Ps. 0.6 million loss in the same semester of the previous fiscal year. This improvement is explained by higher production revenues, which were spurred by a 5.5% increase in the liters of milk produced and an improvement of approximately 53.0% in average milk prices during the period, as compared to the same period in the previous fiscal year.

Sale of Farms
On September 3, 2010, Cresud executed a title deed whereby it sold and surrendered possession of the La Juanita farm. The transaction was agreed for a total price of US$ 18.0 million. The sale resulted in a gain of approximately Ps. 49.4 million. Within the framework of the transaction, the Company signed a commodatum agreement until January 10, 2011 on some fractions of the abovementioned property, with the intention to continue with productive activities there until such date.

Development of marginal lands

La Anta New hectares planted in 2011 New hectares to be developed for crop production in 2011 4,800 4,700 500 6,000 16,000 3,559 Los Pozos 3,810 Esmeralda 1,828 Cresca 6,000 Total 15,197

International Expansion
BrasilAgro
Property Sao Pedro Cremaq Jatoba (1) Alto Taquari Araucaria Chaparral Nova Buriti Preferencia Horizontina Total Total Owned by BrasilAgro Location Chapadao do Ceu/GO Baixa Grande Riberio/PI Jaborandi/BA Alto Taquari/MT Mineiros/GO Correntina/BA Januaria/MG Barreiras/BA Tasso Fragoso/MA Total Surface Area (ha) 2,447 32,702 31,606 5,186 9,682 37,182 24,155 17,799 14,359
175,118 171,958

Purchase Price (Millions of R$) R$ 10,440 R$ 43,150 R$ 36,100 R$ 34,230 R$ 72,570 R$ 47,840 R$ 22,250 R$ 10,980 R$ 37,200
R$ 314,760 R$ 311,200

Press Release BrasilAgro has ended its summer planting for the 2010/2011 crop season with 58,500 hectares planted, as per the following breakdown: 39,200 hectares of soybean, 6,400 of corn, rice and cotton, 4,400 of pastures and 8,500 hectares of sugar cane. During this semester, BrasilAgro increased its net sales of crops by 186% as compared to the same period in the previous fiscal year, from R$ 5.5 million to R$ 15.7 million, as a result of the increase in planted areas and yields. In addition, sugar cane was added during this season, resulting in net sales of R$ 17.5 million. All of this favorably impacted on Cresud, with positive results of Ps. 1.2 million. On January 20 an appraisal of BrasilAgros farms was made, which resulted in an amount of R$ 816 million, 109% higher than the aggregate amount invested in such farms. On January 3, 2011, BrasilAgro filed its issuance prospectus with the Brazilian Securities Commission (CVM) for it to review the registration of a primary public offering of common shares issued by the Company (Offer and Shares), whose related capital increase will be resolved upon by its Board of Directors in due course. Execution of Addendum to Stock Purchase Agreement with Tarpon In October 2010, Cresud directly and indirectly purchased 9,581,750 common shares of BrasilAgro - Companhia Brasileira Propiedades Agrcolas (BrasilAgro). As consideration, Cresud paid R$ 76,074,205 between October and December, and the price balance, of R$ 52,551,490, is payable on April 27, 2011. The price balance is secured by a pledge over 3,864,086 shares. 64,000 first issue warrants and 64,000 second issue warrants were also purchased. Therefore, at present Cresud holds a 35.75% interest in BrasilAgro.

IRSA Inversiones y Representaciones S.A.

As of December 31, 2010, our equity interest in IRSA was 57.5%. IRSA is one of Argentinas leading real estate companies in terms of total assets. IRSA is engaged, directly or indirectly through subsidiaries and joint ventures, in a range of diversified real estate related activities in Argentina, including: The acquisition, development and operation of shopping centers, through its 94.9% interest in Alto Palermo S.A. (APSA) (APSA) (Nasdaq: APSA, BCBA: APSA). APSA is one of Argentinas leading operators of shopping centers and owns or holds a controlling interest in 12 shopping centers with 300,000 square meters of Gross Leaseable Area. The acquisition, development and exploitation of office buildings and other non-shopping center properties primarily for rental, for which purpose it has over 150,000 square meters of office leaseable space. The acquisition and development of residential properties and the acquisition of undeveloped land reserves for future development or sale. The acquisition and exploitation of luxury hotels. Moreover, IRSA currently owns a 29.78% interest in Banco Hipotecario, one of the leading financial institutions in Argentina. The following information has been extracted from the Consolidated Financial Statements of our controlled company IRSA as of December 31, 2010:
in ARS M Revenues 390.9 Operating Income 162.7 Depreciation and Amortization 40.1 EBITDA 202.8 Net Income 120.3 132.9 -9% 176.5 264.3 -33% 220.9 -8% 379.8 372.6 2% 40.7 -1% 79.1 80.8 -2% 180.2 -10% 300.7 291.8 3% 393.4 -1% 697.7 656.6 6% IIQ 11 IIQ 10 var YoY (%) 6 M 11 6 M 10 var YoY (%)

Press Release Our stake in IRSA has a high impact on our results, therefore we recommend the reading of detailed information on IRSA provided in its webpage (www.irsa.com.ar), in the Argentine Comisin Nacional de Valores website (www.cnv.gob.ar) or in the Securities and Exchange Commission website (www.sec.gov).

Consolidated Financial Debt

Cresud
As of December 31, 2010 we had borrowed a total of US$ 196.21 million equivalent, without consolidating IRSA. The following table contains a breakdown of Cresuds indebtedness.
Currency of issuance
Ps./US$ Short-term debt Crop production financing Tranche I, Series III Notes Tranche I, Series IV Notes Bolivia farms(1) BrasilAgro shares purchase(1) US$ AR$ US$ US$ R$

CRESUDs debt

Outstanding principal amount in US $ MM equivalent

US$ 71.04 US$ 37.34 US$ 8.9 US$ 17.82 US$ 2.48 U$D 31.63 US$ 196.21 Variable

Rate

Maturity date
Up to 270 days Up to 273 days Apr-12 Jul-12 Feb-11 Apr-11

Variable Variable (Badlar+4.0%) Fixed (7.75%) -

Total debt
Note: The exchange rate considered for the loans was US$ 1= Ps.3.98.

(1) Shown in the caption Other indebtedness in the Consolidated Balance sheet.

Sale of IRSAs Series I Notes During November and December 2010, the company sold in the over-the-counter market IRSA Inversiones y Representaciones Sociedad Annimas Series I Fixed Rate Notes due 2017 for a principal amount of US$ 33,152,000. As a result of this sale, the Companys received US$ 34,097,674 in proceeds, on account of principal and interest coupons. Collection of Cash dividends On November 23, 2010, $ 60,720,150 were collected as cash dividends paid by IRSA to its shareholders. Payment of Cash dividends On December 9, 2010, the companys board of directors approved the distribution of cash dividends for $ 69,000,000. They were made available on January 7, 2011. Capital Increase in Cactus Argentina On December 23, 2010, Cactus Argentina increased its capital stock by $ 16,000,000, including issue premium. Therefore, Cresuds interest in Cactus reached 80%.

Prospects for next quarter

At global level, crop prices have increased sharply in the recent months. In Chicago, soybean price rose 25.9% during the second quarter of this fiscal year. There is a correlation between these increases and the USDAs downward revisions of U.S. crop forecasts. The lower than expected supply and the firm demand prompted by the growth experienced in the large emerging economies have had a strong impact on prices. Grain inventory stocks relative to consumption levels are at historically lows (reaching the lowest figures for the past 15 and 30 years in the case of corn and soybean, respectively), another factor that squeezes future supply even further, fueling price increases.

Press Release On the other hand, the uncertainty related to the value of fiduciary currencies resulting from the various monetary flexibilization programs implemented by central banks at world level boosts the potential for appreciation of the real assets in Cresuds portfolio: commodities and real estate. At production level, prospects are promising. The wheat season has been excellent and the potential reduction in soybean and corn yields due to the La Nia weather effect has been offset by higher prices. In addition, we continue to increase our planted hectares, which have risen by 20% to 184 thousand in the current fiscal year, including Brasilagro. In this sense, the consummation of our purchase of Brasilagros stake marks a continuation in our strategy to penetrate in the region and increase production volumes, in line with our objective of forming a regional portfolio with significant development and appreciation potential. In Argentina, we are making progress in our strategy of supplementing agriculture in our own farms with agricultural activities in leased farms and farms under concession. As regards leases, we have focused on renting lands in more centric areas, seeking to stabilize yields and supplement our development activities in our own farms. As concerns transforming and adding value to our own hectares, we will continue developing our farms in Salta and Paraguay, where we expect to develop 16 thousand additional hectares to be placed into production in fiscal year 2012. Finally, as concerns our dairy business, following the sale of the La Juanita establishment we will focus on milk production in our state-of-the-art dairy facility in El Tigre, which we plan to operate at full capacity. In this way, the actions described above related to the expansion of planted areas and the increase in Brasilagros stake are aimed at obtaining higher volumes in a scenario of attractive market prices.

This Earnings Release contains statements that constitute forward-looking statements, in that they include statements regarding 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 and uncertainties, and that actual results may differ from those set forth in this press release. We undertake no obligation to release publicly any revisions to such forward-looking statements after the release of this report to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

If you wish to be included or removed from Cresud, IRSA or APSAs mailing list, please send an e-mail with your information to finanzas@cresud.com.ar

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Press Release

Principal Consolidated Indicators

For the six-month periods ended December 31, 2010 and 2009, in Thousands of Argentine Pesos The information detailed herein is an abstract of our Financial Statements for the six-month periods ended on December 31, 2010 and 2009 which are available for you.

Income Statement
As of December 31, As of December 31, 2010 Agricultural production revenues Agricultural production cost Results from agricultural production Sales of crops, beef cattle, milk and others Sales of properties Cost of sale of crops, beef cattle, milk and others Cost of sales of properties Results from agricultural sales Sales and developments Revenues from office leases and services, shopping centers, hotels, consumer finance and others Cost of sales and developments Cost of office leases and services, shopping centers, hotels, consumer finance and others Results from real estate business Gross profit from agricultural business Gross profit from real estate business Gross Profit Selling expenses Administrative expenses Results from valuation of assets at net realizable value Holding results Results from retained interests in securitized receivables Operating income Amortization of goodwill Financial results: Generated by assets Generated by liabilities Result from interest in Related Companies Other income and expenditures Management fee Net Income before Income Tax Income tax Minority interest Net Income Earnings per common share Basic Earnings per common share Diluted 89,852 -75,037 14,815 186,778 71,096 -165,476 -21,652 70,746 117,329 580,668 -88,864 -188,760 420,373 85,561 420,373 505,934 -88,659 -129,560 35,930 30,758 5,042 359,445 19,025 26,255 -147,376 57,729 -19,296 -11,886 283,896 -58,000 -118,925 106,971 0.22 0.19 2009 42,392 -46,851 -4,459 119,324 -107,648 11,676 137,412 527,144 -52,658 -192,694 419,204 7,217 419,204 426,421 -103,143 -104,209 13,935 21,366 26,105 280,475 25,875 33,336 -94,409 137,273 -12,609 -15,820 354,121 -70,501 -141,775 141,845 0.30 0.26 Change % 112.0% 60.2% 56.5% -53.7% 505.9% -14.6% 10.2% -68.8% 2.0% 0.3% 1085.5% 0.3% 18.6% 14.0% -24.3% 157.8% 44.0% -80.7% 28.2% -26.5% 0.0% -21.2% -56.1% -57.9% -53.0% 24.9% -19.8% 17.7% 16.1% -24.6% -26.9% -25.1% Change % 34.2% 20.8% 23.2% 48.6% 54.7% 51.6% -8.8% 6.2%

Summary Balance Sheet Current Assets Non Current Assets Total Assets Current Liabilities Non Current Liabilities Total Liabilities Minority interest Shareholders Equity

As of December 31, As of December 31, 2010 1,545,652 6,299,143 7,844,795 2,198,842 2,190,179 4,389,021 1,413,009 2,042,765 2009 1,151,572 5,216,642 6,368,214 1,479,883 1,415,748 2,895,631 1,549,847 1,922,736

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Segment Information
As of December 31, 2010:
Agriculture Description Crops Beef Cattle Milk Feed lot Sale of Farms 71,096 (21,652) 49,444 49,444 (3,471) 45,973 4,853 Others Non Operating Subtotal Sales and Offices and Agriculture Developments Others 89,852 (75,037) 14,815 257,874 (187,128) 70,746 85,561 (27,278) (23,748) 30,758 65,293 1,859,500 1,093,442 640,066 53,887 4,109 117,329 (88,864) 28,465 28,465 (4,428) (22,343) 35,930 37,624 773,988 534,421 288,916 14 1,243 81,494 (16,876) 64,618 64,618 (4,928) (23,484) 36,206 1,461,198 663,505 573 13,466 Shopping Centers 331,276 (87,607) 243,669 243,669 (19,045) (34,258) 190,366 1,869,208 1,569,103 27,963 63,027 Real Estate Hotels Consumer Finance 62,792 (21,504) 41,288 41,288 (20,888) (6,252) 5,042 19,190 22,132 31,295 49,952 51 697 Financial Operations and others 1,613,091 252,663 892,329 Subtotal real estate business 697,997 (277,624) 420,373 420,373 (61,381) (105,812) 35,930 5,042 294,152 5,985,295 3,295,579 1,529,507 33,858 85,315 Total

Production income Production cost Production results Sales Cost of goods sold Results from sales Gross profit Selling expenses Administrative expenses Result from valuation of assets at net realizable value Holding results Results from retained interests in securitized receivables Operating income Assets Liabilities Non-current investments in other companies (1) Acquisition and disposition of fixed assets Depreciation and amortization
(1)

Local International 28,648 28,241 14,669 (27,660) (20,497) (13,527) 988 7,744 1,142 76,997 30,855 37,433 (63,077) (29,362) (36,526) 13,920 1,493 907 14,908 9,237 2,049 (18,851) (3,365) (1,273) (8,315) (2,708) (6,744) (17,904) (30,162) 378,318 88,788 17,524 10,276 2,491 979 4,143 799,130 11,762 619,133 7,492 248 47,799 41,831 287,495 1,371 170 11,611 863

18,294 (13,353) 4,941 16,779 (16,779) 4,941 (859) (939) 3,143 58,575 994 3,239 214 258

66,985 33,925 22,899 -

24,714 (19,732) 4,982 4,982 (2,930) (1,571) (116) 365 54,218 6,933 155 119

209,926 949,669 1,240 130

105,106 (62,773) 42,333 42,333 (12,092) (19,475) 10,766 245,678 244,592 298,310 5,257 6,882

89,852 (75,037) 14,815 955,871 (464,752) 491,119 505,934 (88,659) (129,560) 35,930 30,758 5,042 359,445 7,844,795 4,389,021 2,169,573 87,745 89,424

It includes BrasilAgro, Agro-Uranga, Banco Hipotecario S.A.s, Banco Crdito y Securitizacin S.A., Manibil S.A., Tarshop S.A. and Hersha Hospitality Trust s proportional equity value..

Press Release
As of December 31, 2009:
Agriculture Description Crops Beef Cattle Milk Feed lot Sale of Farms 28,740 (23,835) 4,905 4,905 (960) (1,439) (193) 2,313 9,129 5,045 557 825 Non Others Operating Subtotal Sales and Offices and Agriculture Developments Others 42,392 (46,851) (4,459) 119,324 (107,648) 11,676 7,217 (12,064) (21,598) 21,366 (5,079) 1,235,513 625,453 333,152 25,249 4,165 137,412 (52,658) 84,754 84,754 (2,383) (13,306) 13,935 83,000 593,146 272,446 26,007 8 10,127 80,332 (18,224) 62,108 62,108 (6,995) (17,002) 38,111 1,026,476 370,538 1,550 12,342 Shopping Centers 258,837 (77,045) 181,792 181,792 (18,967) (19,528) 143,297 1,892,609 1,026,934 38,868 52,635 Real Estate Hotels Consumer Finance 111,699 (47,818) 63,881 63,881 (55,031) (16,683) 26,105 18,272 195,105 233,457 1,402 2,960 Financial Operations and others (140) (140) 1,185,566 160,528 858,963 Subtotal real estate business 664,556 (245,352) 419,204 419,204 (91,079) (82,611) 13,935 26,105 285,554 5,132,701 2,270,178 884,970 43,900 87,056 Total

Production income Production cost Production results Sales Cost of goods sold Results from sales Gross profit Selling expenses Administrative expenses Result from valuation of assets at net realizable value Holding results Results from retained interests in securitized receivables Operating income Assets Liabilities Non-current investments in other companies (1) Acquisition and disposition of fixed assets Depreciation and amortization
(1)

Local International 10,702 14,829 5,497 (12,918) (12,526) (11,170) (2,216) 2,303 (5,673) 52,403 17,345 10,048 (48,452) (15,404) (9,169) 3,951 1,941 879 1,735 4,244 (4,794) (8,034) (2,214) (623) (9,610) (2,522) (6,534) (3,089) (18,998) 477,573 46,098 13,964 11,074 1,721 (392) (884) 318,129 33,850 292,886 5,511 147 25,040 13,089 221,547 1,963 116 7,835 945

11,364 (10,237) 1,127 10,788 (10,788) 1,127 (233) (1,493) (599) 47,862 930 2,212 271 340

22,385 95 22,323 -

7,392 -

131,496 537,472 1,651 1 187

76,276 (49,607) 26,669 26,669 (7,703) (15,952) 3,014 239,799 206,275 2,072 8,992

42,392 (46,851) (4,459) 783,880 (353,000) 430,880 426,421 (103,143) (104,209) 13,935 21,366 26,105 280,475 6,368,214 2,895,631 1,218,122 69,149 91,221

It includes BrasilAgro, Cactus, Agro-Uranga, Exportaciones Agroindustriales Argentinas S.A, Banco Hipotecario S.A.s, Banco Crdito y Securitizacin S.A., Manibil S.A. y Hersha Hospitality Trust s proportional equity value.

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Consolidated Cash Flow Statement

For the six-month period ended December 30, 2010 and 2009 in Thousands of Argentine Pesos.
As of December 31, 2010 Changes in cash Cash at the beginning of the period Cash at the end of the period Net increase (decrease) in cash Causes of changes in cash Operating Activities Net income Income Tax Intrests Adjustments to reach net cash flow from operating activities: Results from interest in related companies Minority interest Increase in provisions and allowances Depreciation and amortization Result from holding of inventories Financial results Results of sales of fixed assets and land reserves Adjustment for valuation of other assets at net realizable value Amortization of goodwill Results from inventory barters Changes in operating assets and liabilities (Increase) Decrease in accounts receivable from sales, leases and services (Increase) Decrease in other receivables (Increase) Decrease in inventories Increase in intangible assets Decrease in social security contributions, taxes and customer advances Increase (Decrease) in trade accounts payable Increase in other debts Net cash used in operating activities Investment activities Increase (Decrease) in inventories Dividends received Participation increase in related companies (exept IRSA) Fixed assets acquisition, improvement and collection Fixed assets sale Payment of acquired companies net of cash acquired (Sale) Acquisition of land reserves and other non-current investments Loans (granted) collected Collection of art. 33 Ley N 19.550 credit Advance Payment for the purchase of Arcos del Gourmet S.A. shares Proceeds from sale of stakes in companies, net of transferred funds Loans to societies art. 33 Ley N 19.550 Increase in intangible assets Net cash used in investing activities Financing activities Exercise Warrants and options Notes repurchase expenses Issue of Negotiable Obligations Increase in financial loans Dividends paid Decrease in financial loans Cancellation of financial interests Notes cancellation Contributions from minority shareholders Proceeds from sale of Notes, net of expenses Financed purchases cancellation Net cash provided by financing activities Net Increase (decrease) in cash 175,653 335,385 159,732 As of December 31, 2009 211,676 129,556 -82,120

106,971 58,000 120,338 -57,729 118,925 38,719 89,424 -30,758 -1,224 17,090 -35,930 -19,025 -19,332 -129,105 -31,552 -27,513 -2,082 -42,133 67,500 10,297 230,881 -5,278 4,775 -954,969 -64,135 -33,789 -115 41 16,379 -1,185 67,477 -31,501 -21 -1,002,321 3 712,335 338,412 -58,094 -216,782 -69,465 -35,251 2,262 283,167 -25,415 931,172 159,732

141,845 70,501 75,964 -137,273 141,848 37,390 91,221 -21,366 -54,471 6,641 -13,935 -25,875 -8,049 8,042 -28,225 -1,557 -94,520 2,231 18,618 209,030 10,630 -44,619 -154,926 -56,416 294 -8,622 -48,380 56 20,422 -281,561 7 -12,000 129,227 218,216 -94,133 -93,751 -85,067 -18,183 24,883 -78,788 -9,589 -82,120

Press Release Property Portfolio as of December 31 2010

Farms Province Country Date of Acquisition Original June-05 Apr-03 Sep-05 Nov-97 Dec-97 May-97 June-98 June-98 May-07/Sep-08 May-95 May-95 Mar-08 Dec-08 Nov-08 Ene-09 Gross Size (in hectares) 1,054 1,946 8,365 6,022 7,052 137 2,965 9,370 4 41,993 100,911 12,395 240,858 980 115 12,166 22,789 469,122 Primary Current Use Book Value Ps. million 9.8 9.4 35.1 48.3 20.2 22.9 13.2 11.5 0.5 34.3 10.5 1.3 89.1 4.3 11.2 108.2 35.2 465.0 Book Value per hectare (1) (US$) 2,339 1,215 1,055 2,017 720 42,041 1,120 309 31,439 205 26 26 93 1,104 24,495 2,237 388 249

AD IV TI SP SB/GR CA PL/SN EM VE SU CA RE PO ES LU BO JR Total

La Adela El Invierno El Tigre San Pedro Sta Brbara y La Gramilla Cactus Argentina S.A. (3) Las Playas / San Nicols (4) La Esmeralda Las Vertientes La Suiza 8 de Julio/ Carmen El Recreo (5) Los Pozos La Esperanza Inmueble Lujn Las Londras / San Cayetano / San Rafael / La Fon Fon Jerovia(6)

Buenos Aires La Pampa La Pampa Entre Ros San Luis San Luis Crdoba / Santa Fe Santa Fe Crdoba Chaco Santa Cruz Catamarca Salta La Pampa Buenos Aires Santa Cruz Boquern

Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Argentina Bolivia Paraguay

Crop Crop Crop/Milk Crop/Beef-Cattle Crops under irrigation Feed lot Crop/Milk/Beef-Cattle Crop/Beef-Cattle Silo Beef-Cattle Wool Beef-Cattle/Land Reserve Beef-Cattle/ Crops/ Land Reserve Crop Land Reserve Crop Land Reserve

(1) Purchase costs plus improvements and personal property required for production, less depreciation. (2) Exchange rate as of December 31, 2010: Ps. 3.976= US$ 1.00. (3) Hectares and book value in proportion to our 48.0% interest in Cactus Argentina S.A. (4) Hectares and book value in proportion to our 35.723% interest in Agro-Uranga S.A. (5) Hectares and book value in proportion to our 99.99% interest in Inversiones Ganaderas S.A. (6) Hectares and book value in proportion to our 50.00% interest in Cresca S.A. throught Agrology S.A.

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Press Release
Corporate Headquarters Moreno 877 23rd Floor Tel +(54 11) 4814-7800/9 Fax +(54 11) 4814-7876 www.cresud.com.ar C1086AAF Cdad. Autnoma de Buenos Aires Argentina

Investor Relations Alejandro Elsztain CEO Gabriel Blasi - CFO Tel +(54 11) 4323 7449 e-mail finanzas@cresud.com.ar

Companys Legal Counsel Estudio Zang. Bergel & Vies Tel +(54 11) 4322 0033 Florida 537 18 Piso C1005AAK Cdad. Autnoma de Buenos Aires Argentina

Companys Independent Auditors PricewaterhouseCoopers Argentina Tel +(54 11) 4850-0000 Bouchard 557 Piso 7 C1106ABG Cdad. Autnoma de Buenos Aires Argentina

Registrar and Transfer Agent Caja de Valores S.A. Tel +(54 11) 4317 8900 25 de Mayo 362 C1002ABH Cdad. Autnoma de Buenos Aires Argentina

Depositary Agent of ADSs The Bank of New York Mellon Tel. 1 888 BNY ADRS (269-2377) Tel. 1 610 312 5315 P.O. Box 11258 Church Street Station New York. NY 10286 1258 United States of America

BASE Symbol: CRES Nasdaq Symbol: CRESY

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